IntellectEU uses Intel SGX to secure ClaimShare, its fraud detection platform
Deployed on Microsoft Azure Confidential Compute VMs, ClaimShare enables the detection and prevention of duplicate payouts for the same insured event while respecting both business and client privacy.Devdiscourse News Desk | California | Updated: 04-03-2021 09:34 IST | Created: 04-03-2021 09:34 IST
IntellectEU, a leader in digital finance and emerging technologies, is utilizing Intel Software Guard Extensions (Intel SGX) to secure ClaimShare, its new platform that leverages blockchain technology and confidential computing to fight fraud in the insurance industry.
Deployed on Microsoft Azure Confidential Compute VMs, ClaimShare combines the following technologies to enable the detection and prevention of duplicate payouts for the same insured event while respecting both business and client privacy:
- R3's Conclave confidential computing platform powered by Intel SGX technology
- Corda, a next-gen blockchain platform that delivers privacy, scalability, and security
- artificial intelligence (AI) algorithms including fuzzy matching to optimize the detection of suspicious duplicate claims
"The application of Intel SGX technology and confidential computing to help combat this prominent form of insurance fraud will be a game-changer for insurance companies. GDPR (General Data Protection Regulation) and strict data privacy compliance is critical in the insurance industry, and innovative solutions like ClaimShare will support collaboration, communication and further privacy," said Michael Reed, Intel director of Confidential Computing.
Here's how it works:
After the insurers' validation, ClaimShare separates claims data into personally identifiable information (PII) and non-personally identifiable information (non-PII). In the next step, the non-PII is shared between the insurers and matched using Corda distributed ledger to identify suspicious claims.
Once a suspected fraudulent claim is identified, confidential computing is used to match the PII, confirming the fraud attempt before the second payout happens for the same claim.
By creating a confidential computing environment with Intel SGX which uses a hardware-based trusted execution environment (TEE) to help isolate and protect specific application code and data in memory, ClaimShare can improve the security of encrypted data sharing and collaboration between insurers and help ensure privacy so that no competitive or sensitive information is leaked, Intel said in a release on Wednesday.