There’s a multi-billion dollar fraud problem in the insurance industry
Agent and insured soft fraud cost the insurance industry billions of dollars annually in premium leakage and expenses. Insurers spend significant resources in auditing application, policy, and claims documents in efforts to catch this fraud.
There’s a multi-billion dollar fraud problem in the insurance industry.
Financial services and insurance companies are challenged to provide superior customer service, comply with regulatory requirements, and manage fraud, all at scale and in a cost-efficient manner. Traditional approaches are reactive, manual in nature, and brittle due to changing requirements, prompting institutions to consider leveraging Artificial Intelligence.
By delivering out of box AI solutions to common big industry problems, CognitiveScale enables financial services institutions and insurance carriers to jumpstart their AI-led business transformation.
Cognitive Scale has the solution: Fraud Detection AI.
CognitiveScale Fraud Detection AI is a novel AI-driven solution that helps insurers target soft fraud. Our solution provides a set of models for analyzing structured and unstructured data for documents and policies to surface manipulation, anomalies, and duplication. In addition, the solution builds and maintains intelligent profiles of the agent, policy, and the insured to provide a real-time view of fraudulent behaviors.
Build document fraud detection capabilities faster:
With pre-built models and skills for document manipulation and duplication, you can jumpstart your document fraud capability implementation.
Leverage CognitiveScale fraud expertise:
We have developed these models based on our own experience implementing several use cases for document fraud. Leverage our expertise programmatically in your own AI systems, models and solutions.
Detect document fraud as it is happening:
These capabilities allow you to detect and prevent document fraud as it happens and before it impacts your bottom line.
Give fraud teams more control:
By relieving fraud teams of the manual effort of document review and comparison, this tool creates additional capacity so the fraud team can focus on higher value-added activities such as validation and action formulation.