Image
Icon

Directory

IconAccounting & Tax
IconActuaries
IconAdministrators
IconAppraisers & Valuers
IconArbitration Services
IconASIB
IconAssessors & Loss Adjusters
IconAssist and Lifestyle Benefits
IconAssociations & Institutes
IconAuditors
IconBBBEE Consulting and Verification Agencies
IconBroker Acquisition Financing
IconBrokers for Brokers
IconBusiness Process Management
IconBusiness Process Outsourcing
IconCall Centre Outsourcing & Sales
IconCompany Secretarial Services
IconCompliance
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconDebit Order Collection Facilities
IconDefensive Driver Training
IconEducation and Training
IconEmergency Medical Rescue
IconFAIS
IconFire, Storm, Flood Damage Specialists
IconForensic Investigation Services
IconHuman Resources
IconIndustrial Cleaners
IconInformation Technology and Software Partners
IconInsurance Companies
IconLegal
IconLightning Damage & Surge Protection Specialists
IconNiche Insurance Products
IconOmbud
IconOutbound Sales
IconOutsourcing Companies
IconPolicy Administration
IconPremium Financing
IconPublic Loss Adjustors
IconPublications
IconRating Agencies
IconReference Books & Material
IconRegulatory Authorities
IconRisk Finance
IconRisk Management
IconRisk Surveyors
IconSalvage Operators
IconSpecialized Claims Investigations & Assessing
IconSurveys and Research
IconTraining Courses & Workshops
IconUnderwriting Managers
IconVehicle Accident Management
IconVehicle and Household Risk Inspection Services
IconVehicle Tracking
IconWellness Programs
IconWholesale Brokers
IconZZZZZZ
Image
  Subscribe To »

Helping Businesses Cut the Cost of Fraud & Drive Performance

Published

2021

Fri

20

Aug

Using our AI, ML Fraud Detection, and Investigation Platform we can help businesses cut the cost of fraud and drive performance enhancements.

The recent announcement by the IFB (in the UK Market) that it would be adding an AI solution to its current system offerings to monitor its vast wealth of Insurance data should be of no surprise to the experienced fraud and indeed operational managers among you.

For many years as an industry, we have been struggling with the challenges presented by organised fraudsters who always appear to be two or three steps ahead of us as we introduce new controls and protections to our processes.

Second guessing the fraudsters next step, target, or scam with them operating under the radar and outside the constraints of a law-abiding fully regulated environment can be pure guess work.

So how can we redress the balance?

Creating the right data environment to develop a real time ‘single customer view’ is the first step; capturing and formatting your structured and unstructured data, to include digital documentation.

From here you can truly gain greater data insight and monitor customer activity across the full insurance lifecycle by applying more sophisticated solutions which can analyse behaviours, interrogate all the data, and support better decision making as well as creating new opportunities to introduce a degree of both process and decision automation.

Sound interesting?

We are all seeking ways to reduce the fraud risk whilst tackling the internal demands for streamlined operations and business transformation.

Applying our People/Process/Systems strategy to all aspects of the business can be a challenge but with the right choice of software or system this can be a game changer.

In a post lock down environment, we are likely to continue with a degree of remote working, creating the challenges in monitoring productivity and maintaining security, whilst developing new ways to support and train our staff.

We strive to create an environment for simple straight through processing to meet future customer demand and expectations and finally introduce ‘real time’ analytics to support automated decision making, that can be multifunctional, covering all aspects of the customer journey.

Greater insight, monitoring, predictions, and scenario planning can be achieved through the use of AI and Machine Learning so how close are you to achieving this?

As indicated, the starting point is to create the right data environment, a single collection point to allow you to analyse all aspects of your data.

Then select the best solution for you that will support your full Business Transformation programmes. A single solution that can deliver on all fronts to provide capability, adaptability and includes future enhancements that you manage and control and all for a low cost providing an excellent ROI.

Introducing DataWalk

Why not take a look at our ‘Next Generation’ AI – analytical detection and investigation solution – DataWalk – which is currently deployed and used by leading insurers, law enforcement & government agencies.

In America, the system has been adopted by a wide range of Government Bodies and industries to support a variety of diverse use cases from anti-money laundering, anti-fraud, intelligence analysis, through toscenario planning and infectious disease analysis.

DataWalk applies AI, Machine Learning, and flexible rulesbased technology against both internal and external data sources to assess the likelihood of a case being fraudulent and produces a single ‘adverse fraud score’ which can be applied to both automate ‘high risk’ referrals for investigation or fasttrack ‘low risk’ claims for straight through processing.

Where deployed, the solution has significantly reduced the false positive rate to (<10%) across a variety of Insurance product lines.

Add to this the ability to use the system as an ad hoc investigation tool as well as a platform to ingest data from various sources to create a single customer view its combined capability can reduce the need for multiple solutions.

This scalable solution can support you at whatever stage you are in your business transformation journey starting at an entry level rule-based solution through to a full-blown AI & ML analytical platform with configuration of the system tailored to each individual client’s requirements, you can be up and running (and self-sufficient) in a matter of weeks.

If you are interested in more data solutions in the Insurance Industry, contact us now to see how we can help.

 
Source: by Andy Pagett, FCMI
 
« Back to previous page Print this page » |
 

Breaking News »

ESG: What do boards need to know?

Environmental, social and governance (ESG) metrics can be hard to measure, but the risks surrounding them are increasing, as governments and citizens exert pressure on business to change their ways for the greater ...
Read More »

  

Covid-19 Vaccine Distribution Risks and Insurance: Q&A with Allianz Specialists

As COVID-19 vaccine distribution rolls out across Africa and the world, insurers of the pharmaceutical industry are in a position to share their experience as to what constitutes a successful and safe distribution ...
Read More »

  

Car insurance for women: Keeping you safe no matter where you are

For today’s woman who owns a car, motor insurance is a must-have. However, there are various issues to keep in mind when you, as a woman, buy cover for your vehicle. The first question to ask is ...
Read More »

  

AUTO & GENERAL’S RELIEF FUND GROWS TO R370 MILLION

Three severe waves of the coronavirus pushed South Africa’s unemployment rate to a record high of 32. 6%. The July unrest only exasperated our unemployment crisis – Employment and Labour Minister, Thulas ...
Read More »

 

More News »

Image

Healthcare »

Image

Investment »

Image

Life »

Image

Retirement »

Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image

From The Glossary »

Icon

Registrar:

The Registrar of Short-term Insurance or Long-term Insurance as defined in the Insurance Acts.
More Definitions »

 

Advertise

 

eZine

 

Contact IG

 

Media Pack

 

RSS Feeds

By using this website you agree to the Terms of Use.
Copyright © Insurance Gateway (Pty) Ltd 2004 - 2021. All Rights Reserved.