AI Use Case

Enhance insurance customer fraud detection by assessing behavioural data

Enhance insurance customer fraud detection by assessing behavioural data from multiple sources. Potential fraudsters can leave clues, including historic behaviour, that an automated system is better placed to trace, capture and analyse.

Function

Benefits

Risk reduction - Evaluate counter-party risk (eg credit scores),Cost - Fraud reduction

Case Studies

MS & AD Insurance Group~MS & AD Insurance Group detects 2.5 times more fraudulent claims than industry average using machine learning,Direct Line Insurance~Direct Line Insurance uses machine learning to automatically flag fraudulent claims in automotive section with 75% hit rate

Industry

Financial Services

Insurance

Data Sets

Structured / Semi-structured,Time series

AI Technologies

Machine Learning (ML),Traditional AI,ML Task - Grouping - Anomaly Detection,ML Task - Prediction - Binary Classification,ML Task - Prediction - Multi-class Classification

Potential Vendors

Shift Technology,Shift Technology