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Auto Insurance Fraud Detection
Challenge
The automobile area in the insurance sector is the most affected by fraud compared to other areas, according to data from ICEA and UNESPA.
In this client we are faced with frauds in which organized gangs with sophisticated structures are behind and other cases, in which the insured pretends to have damaged an uninsured car, theft by the insured himself in/of his own car, third parties pretending to be run over/beaten...
The client wanted to improve its efficiency in detecting false positives, in relating the participants in the fraud, in managing unstructured or decentralized data, and in bringing forward the detection of fraud cases and analyzing them as close as possible to the moment they occurred.
Solution
To solve this situation we have implemented our product SmartGraph, which is an analytical platform designed specifically for the detection and investigation of fraud. It combines the techniques of artificial intelligence and graph analysis, providing new fraud indicators in real time.
Benefits
Thanks to the application of our solution and our services for fraud detection, Future Space provides an end-to-end solution that covers everything from the implementation of a project of this type, to the subsequent maintenance of the analytical models.
- To reduce the losses by accident and therefore to improve the results of the insurance company.
- Improved competitiveness by adjusting prices to policyholders in accordance with actual claims.
- It allows the identification and control of customers with a history of fraud.
- Reduction of false positives from fraud thanks to SmartGraph's analytical capabilities based on ML and Deep Learning techniques.
- Discover patterns of fraud and previously undetected relationships.
- Reduced investigation time by having the alerts executed in real time.
- Improving the reputation of the insurance company by transmitting an image of solidity.
- It provides the analyst with a research tool that integrates all the data and information facilitating their task of interrelation.
