Fraud prevention company XTND identified fraud in one in every five insurance claims investigated through its Veritas platform over the past year, helping insurers prevent more than R100 million in payouts, it says.
Developed in 2011 as a web-based solution, the Veritas platform combines predictive modelling with identity verification, document analysis, business rules and information shared across participating insurers, to identify patterns that may not be visible within a single company’s records.
Mouna Eksteen, CEO of XTND, tells ITWeb that in 2026, Veritas assessed more than 150 000 claims, with over 10 000 flagged as carrying sufficient risk to warrant further investigation.
Of the claims investigated, more than 2 100 were found to be fraudulent, highlighting the role of cross-market data in identifying suspicious claims that might otherwise pass individual insurers’ checks, she explains.
“Veritas combines several specialised engines: fraud modelling, multiple-claim prediction, Home Affairs identity verification, OCR document reading, customised business rules and real-time integrations. Together, they produce one scorecard that answers a simple question: pay or investigate?
“The platform’s risk-scoring approach allows investigators to focus on claims with the strongest fraud indicators, rather than manually examining every submission. Our investigators go where the risk is, not through every claim,” she says.
While Veritas uses artificial intelligence (AI), its...
Fraud prevention company XTND identified fraud in one in every five insurance claims investigated through its Veritas platform over the past year, helping insurers prevent more than R100 million i...