Introducing 'Holmes', an advanced AI-powered tool by Avantia, designed to combat fraud and revolutionize home insurance claims processing in the industry.
Avantia Group, a leading digital home insurance platform, has announced the development of an AI tool named 'Holmes' to tackle fraud and transform home insurance claims. The new AI strategy, adopted by Avantia in 2016, is designed around AI because they see it as providing tangible benefits for both the company and its customers.
The new claims operating model is now in-house, with Avantia developing their existing AI capabilities. Dan Huddart, CTO at Avantia Group, believes AI is a game changer and that insurers should be ready to redesign their claims management teams and systems.
Mark Eastham, CEO at Avantia Group, expresses his belief that Holmes will give them a market-leading opportunity to deliver a fairer, faster experience for their home insurance customers. The tool is expected to process live claims from September 2025.
Fraud Detection and Payment Calculations
In initial trials, Holmes exceeded expectations, making Avantia's fraud detection rate six times more effective. It also achieved 98% accuracy in completing payment calculations, reducing errors and streamlining claims processing.
Broader Claims Management Support
Beyond fraud detection, Holmes recommends claim coverage, payment amounts, data capture, and next steps, especially on complex claims. This broad functionality supports handlers in making faster, fairer, and more accurate decisions.
Operational and Cost Efficiency
The use of Holmes has led to significant operational and indemnity cost savings. This scalability enables Avantia to expedite claim resolutions and reinvest savings to enhance their product offering for all customers.
Quick Resolution of Straightforward Cases
Holmes flags straightforward claims for rapid settlement, improving customer experience by delivering faster outcomes to genuine customers.
Integration with Proprietary Platform
Holmes is built on Avantia’s existing proprietary decisioning platform, leveraging extensive internal data across the customer lifecycle to support automated yet nuanced decision-making.
The Association of British Insurers reports that fraudulent property insurance claims cost the industry more than £143 million each year in the UK. The new AI tool, Holmes, is expected to rewrite the rules of claims management in the home insurance industry.
Avantia has partnered with UK-based technology company, 360Globalnet, for claims processing. The company believes that Holmes will enable them to scale faster and invest the savings in enhancing their product to the benefit of all customers.
[1] Avantia Group Press Release, 2022. [2] Avantia Group Whitepaper on AI, 2022.
- The AI tool, Holmes, developed by Avantia Group, has demonstrated exceptional performance in fraud detection, making their fraud detection rate six times more effective in initial trials.
- Holmes, beyond fraud detection, also recommends claim coverage, payment amounts, data capture, and next steps, thereby supporting claims handlers in making faster, fairer, and more accurate decisions, especially on complex claims.
- The implementation of Holmes has led to significant operational and indemnity cost savings for Avantia Group, enabling them to expedite claim resolutions, reinvest savings to enhance their product offering for all customers, and scale their operations faster through their partnership with UK-based technology company, 360Globalnet.
