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| BrickStreet Mutual Insurance Co. | | | |
BrickStreet Insurance Saves over $3 Million with Effective Fraud Investigation Software
Challenge
- The newly formed company needed an investigation solution to track all the details of fraud cases, and report on cases to support administrative and internal information requirements.
Solution
- The Web-based solution allowed for quick implementation and supports remote use by investigators around the state.
- Investigators log case details in the field, then synch with the main system when back at their offices.
- The software automatically routes cases from stage to stage, notifying the relevant individuals.
- BrickStreet runs reports to assess its performance and savings, and meet regulatory information requirements.
Results
- Reduces the overall time to reach action on fraud cases.
- In the first 14 months, the SIU demonstrated, through i-Sight, that the team saved the company more than $3 million by stopping potentially fraudulent cases.
- Savings allow BrickStreet to keep premium costs down so it can more profitably and effectively compete in the market when it is fully privatized beginning in 2008.
“i-Sight is a great tool to track all activities and demonstrate estimated savings when we’re successful with an investigation. We can clearly show the kind of savings BrickStreet has seen as a result.”
— Lisa Prater, Manager, Special Investigation Unit, BrickStreet Insurance
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