Risk Mitigation

Pro-active analytical services and data triangulation

To meet the need of Financial Institutions to reduce financial losses suffered due to fraud, Astute Risk Services offers analytics and scoring measures to detect and match potential fraud risk in real-time.

This is done by assessing collective fraudulent or suspicious claims and notifiable impairment data that are shared by licensed Financial Services Providers following POPIA regulations.

The service is further strengthened by direct integration with the Department of Home Affairs for the verification of personal details.

The four-step risk management approach assists underwriters, claims assessors and forensic investigators to detect and prevent potential fraudulent claims from being settled.

3 databases enabling analytical and risk scoring

The Life Register

Monitors non-disclosure and
"notifiable impairments" (conditions that may impact mortality/morbidity) that are relevant to the risk or claim assessments.

The Claims Register

Claims data shared by participants
for the purposes of fraud risk management.

The Risk Database

Consists of data that is suspicious, and data confirmed as fraudulent.

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Enabling efficient claims assessments and underwriting processes.

Identify patterns

Prediction of syndicate behaviour.

Past Fraud Identification

Identifying previously undetected fraud that can now be investigated.

Set safeguards in place

Facilitating the implementation of preventative measures.

Single point entry

A single-entry point to combat and investigate fraud.

Fast Track Processing Time

Speeds up the processing time of underwriting and claims payout.

Cost Reduction

An overall reduction in cost due to cost sharing model and reducing fraudulent payouts.

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Pricing

Annual subscription

An annual fee is charged that allows participants access to the Life and Claims Register as well as the Risk Service real-time scorecard services (monthly payment can be arranged).

The Annual Fee includes 15 production support hours per annum.

Monthly transaction billing will apply for Risk Scorecards requested.

A total of 1 000 monthly RMS Scorecard transactions will be included in the Annual Fee.

Annual Subscription Fee
‍R244 559.00

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Transaction/s over 1 000

Any transaction/s over 1 000 in any given month will become billable and payable monthly according to the applicable rate table.

Band B
1001 – 3000
R 2.88

Band C
<=10 000
R1.73

Band D
<=20 000
R1.15

Band E
<=40 000
R0.58

Band F
<=80 000
R0.40

Band G
<=160 000
R0.23

Band H
<=250 000
R 0.17

Band I
> 250 000
R0.12

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Additional Support

Additional prepaid support hours can be purchased at a standard rate of R942.00 per hour, alternatively, time and material charges will be quoted based on the applicable resource rate at the time.

Prices Exclude VAT

Pro-actively detect potential fraud risk throughout business processes