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Insurance company used AI to reduce fraud by 82%

Insurance
14 February 2020
#Ai #LeadsManagement #SignOnLeadz

About Client

This insurance company is a private life insurance company providing services to customers to secure their future. This company serves people pan India and is known as one of India's established insurance companies that offers value to the customers to safeguard their future.

Problem statement

A combination of watertight diligence in underwriting policies and compliance inefficiencies resulted in increased fraud in claims. They wanted to detect and prevent any possibility of fraud that could incur any loss to their business.

Solutions

Adapting two different projects was implemented using machine learning to reduce fraud.

  • Using predictive modelling was the main solution given. This allows insurers to design ever-more-sophisticated models that tap ever-more-detailed data sets to refine precisely how much each customer should be charged.

  • Using link analysis, SignOn examines the relationship between items like people, places and events. This will attempt to help uncover fraud before any payment is made. This is much easier and faster when the data is shown in a graph network, so sometimes link analysis is called network visualization.

Configuration and Deployment timeline- 3 Months Study, 3 Months Deployment, 2 Months Transition Time to Go Live- 6 Months from Contract

Results

  • 82% decrease in fraudulent claims

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