Across the USA between 2013-17, property and casualty claims fraud amounted to about $ 30 billion, annually. A problem of this scale has serious repercussions on the carrier's balance sheet. Moreover, this leads to unfair premium quotes and poor user experience for the law-abiding customers.
How it works?
Birlasoft's fraud analytics solution with AI, machine learning, and advanced analytics at its core audits historical claims data to identify, analyze and accurately predict fraudulent claims. This results in reduction in losses, improved profitability and top notch customer experience.
Identify
- Advanced analytics: Provides a broad set of advanced analytics and AI techniques, including modern statistical, deep machine learning and text analytics algorithms
Analyze
- Analysis of historical claims data : Identifies patterns of fraud by structuring primarily disparate loss information and revealing connections between multiple factors
Predict
- Dynamic business rules, machine learning and analysis : Makes recommendation to business users on the next course of action for suspicious claims through dynamic rules (powered by machine learning)
- Notification for business decision: Calculates the fraud score and evaluates the probability of the case being fraudulent. The claims with high probability are referred to SIU unit for further investigation with detailed analysis.
Business Impact
Accurate predictions
200% more accurate than manual inspections in catching fraudulent claims
Loss minimization
15% year-on-year reduction in loss adjustment expenses can help you save millions of dollars that go into loss payments
Delighted customers
Positive customer experience owing to fair premiums and quicker processing of claims. Ultimately, lower levels of customer attrition leads to steady cashflows and a healthy balance sheet.
Key Features
Machine learning powered system that learns on its own – every second decision is better than the first one!
Highly intuitive dashboard with real-time view of fraud claims filtered by geographies, leading indicators and fraud case volume.
State of the art workflows that route select cases to special investigations unit for further probing
Why Birlasoft
Customer satisfaction scores rate us among the top 99% percentile in the industry - 4.74/5
90% of our project managers have 10+ years of experience in delivering complex technological and domain projects
50+ certified consultants which include AINS, LOMA and CPCU
20+ years of experience in serving clients across the globe including several Fortune companies
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