Gjensidige (GJF) Investor Update summary

Claims Savings Program Achievements

• Achieved NOK 812 million in claims cost savings, surpassing the NOK 800 million target two years ahead of schedule, with 75% of savings in Norway and the rest in Denmark.

• Savings driven by strategic, data-driven approaches, operational enhancements, and strong collaboration across divisions and partners.

• Major savings areas include fraud prevention, procurement, health insurance, travel, and operational efficiency.

• RedGo delivered NOK 68 million in cost savings through 24/7 claims management and system integration.

• Programme structured around fraud prevention, procurement, operational excellence, and RedGo initiatives.

Technology and Operational Improvements

• Leveraged AI, automation, and data analytics to optimize claims handling, increase efficiency, and reduce costs.

• Integrated fraud detection systems and AI models into claims processes, moving from reactive to proactive fraud prevention.

• Increased automation in claims processing by 3 percentage points, with digital claims reporting reaching 99% in Norway and 89% in Denmark for health insurance.

• Image recognition and automated claims processing are being used to further optimize motor insurance claims.

• Enhanced operational foundation in Denmark and improved recourse claims by 9% through new AI-powered tools.

Fraud Prevention and Detection

• AI-powered anti-fraud models and automation have significantly increased fraud detection and savings, with a 65% rise in control cases and 40% improvement in hit rates since 2022.

• AI-powered fraud prevention model achieved NOK 71 million in savings in Norway and exposed AI-generated fraudulent documents for the first time.

• Controlled cases increased by 186% and hit rates by 65% from 2022 to 2024.

• Plans to scale fraud models, integrate document forgery detection, and expand to Denmark.