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
Potential Vendors
Shift Technology,Shift Technology
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