Case Study

Fraudulent Claim Analytics at Fortune 500 Insurance Group

Our customer is a global insurance provider serving across 20 nations (English and Dutch Caribbean, including Trinidad and Tobago, Barbados, Jamaica, Curacao, Aruba, St. Maarten, and Bonaire, name to a few). In addition, our client offers products and services in the entire range of the Eastern Caribbean, Bahamas, Cayman Islands, United States Virgin Islands, and Belize.

Utilizing AI & ML models, the client required a robust system to manage their motor claim and approval processes.

Pioneering hyper-personalized AI/ML solution architecture, Technovert was able to implement a solution that improves the efficacy of underwriting operations. The success resulted in the long-term efficiency of the client’s claim management process.

To know about the Tech stack used and solution architecture implemented, download the case study to your right.

Claim Management Efficiency With ML-driven Fraud Detection

Industry

Insurance

Location

United States

Engaged in

2021

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    The Challenge

    Our client embarked on a strategy to leverage AI/ML to make their motor claim management and approval process more efficient. It was observed that during the pandemic, although the comprehensive policy claims volume was low – the claim amount per incident in the operating territory was observed to increase at ~10% on an average. This resulted in an increased risk exposure. The client needed a solution to predict and alert on suspicious claims.

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