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Reduce fraudulent claims through proactive detection

In the increasingly competitive insurance industry, forward looking insurance providers are looking into both cost reduction through more efficient processes as well as expansion of revenue through new and innovative products such as on-demand insurance.

To achieve both objectives, modernization of underwriting & claims processing infrastructure and the automation of workflows including claims processes need to be done.

The caveat is that such automation to handle larger business volumes leads to increased opportunity for fraudsters who seek to exploit loopholes. Research has shown that fraud is estimated to cost the insurance industry between 5% to 10% of its annual revenue while the median time taken by insurance providers to detect on-going fraud is 20 months.

Insurance providers who can leverage advanced and effective fraud detection techniques will thus be able to reduce fraud losses and mitigate fraud risk arising from the increased automation of their claims processes.

Fraud Detection

SURETY.AI uses a hybrid fraud detection approach that combines clustering and graph-based models with both internal and external data to help detect anomalous claims.

The SURETY.AI claims fraud detection solution includes case management capabilities for your claims handlers to perform secondary review and labelling of borderline anomalous cases so your fraud detection capabilities are always improving.

Anomaly scores are also accompanied with a breakdown of their sub- components, so your claim handlers understand the nature of the anomaly.

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About Hearti Lab

Hearti Lab Pte Ltd [201436684D] was born out of the realization that there was a void in the corporate and personal insurance sector: the lack of a low-cost, full-featured A.I. platform for insurance management.

AI & Blockchain

Hearti allows insurance companies to connect effectively with their customers by offering micro-insurances, on-demand and at affordable prices, to Asia’s fast growing economies.

We use Artificial Intelligence (A.I) to provide a seamless distribution channel, responsive customer service, frictionless claim processing and advanced fraud detection using Blockchain.