Artificial Intelligence Driven Fraud Detection Analytics

Business Impact

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One of the main aspects of insurance is claim processing, and incorporating AI into the workflow can increase efficiency and speed up decision-making.

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With evolving technology, the banking sector's capacity to detect cybercrime or spot anomalies has to evolve as well.

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Automated fraudulent detection improves the accuracy in determining fraud riskiness, reduce false positives, and lessen overhead costs.

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Through our proposed solution, OptiSol helped the finance company in developing a ML based fraud claims detection solution that improved the accuracy by 90% compared to the manual process.

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The solution could identify claims that stood out as an anomaly and the variables that cause abnormality.

Technology Stack

Solution Overview

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Initially the currently available mechanism, policies and regulations were studied.

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Data is analyzed to examine and check for abnormal data points and comprehend variables that may cause anomalies.

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Initially the duration between accident to the date of the report was analyzed.

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Driver specific analysis was performed where in the license class, the experience and vehicle restriction and then visualized

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The isolation Forest and SVM (Support Vector Machine) model was constructed to identify claims that stood apart as anomalous

Trusted and Proven Engagement Model

  • Our engagement model defines the project size, project development plan, duration, concept, POC etc.
  • Based on these scenarios, clients may agree to a particular engagement model (Fixed Bid, T&M, Dedicated Team).
  • The solution discovery phase is all about knowing your target audience, writing down requirements, and creating a full scope for the project.
  • This helps clarify the goals, and limitations, and deliver quality products & services.
  • A nondisclosure agreement (NDA) is signed to not disclose any sensitive information revealed over the course of doing business together.
  • Our NDA-driven process is established to keep clients’ data and IP safe and secure.
  • The SOW document shall list details on project requirements, project management tools, tech stacks, deliverables, milestones, timelines, team size, hourly/monthly rate cards, billable hours and invoice details.
  • On signing the SOW, an official project kick-off meeting shall be initiated.
  • Our implementation approach, ecosystem, tools, solutions modelling, sprint plan, etc. shall be discussed during this meeting.

Our Award-Winning Team

A seasoned AI & ML team of young, dynamic and curious minds recognized with global awards for making significant impact on making human lives better

Awarded Bronze Trophy at CII National competition on Digitization, Robotics & Automation (DRA) – Industry 4.0

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50+

AI & ML
Engineers

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40+

AI & ML
Projects for
reputed Clients

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5yrs

in AI & ML
Engineering

Awarded as Winner among 1000 contestants at TechSHack Hackathon

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