Technologies Used
The client is a mid-sized insurance company operating within the USA, providing a wide range of insurance services to both individuals and enterprises. Their offerings encompass general insurance, term insurance, endowment policies, and commercial insurance categories. Distinguished by their impressive AM Best A+ rating for financial strength and an exemplary claim ratio, they have emerged as a prominent leader in their respective insurance segments. Committed to customer satisfaction, they offer round-the-clock customer support services
With two decades of industry experience and an esteemed AM Best A+ rating for financial strength, the client embarked on an ambitious journey to expand its operations. However, this expansion presented challenges, particularly in financial modeling and forecasting. The client recognized the need to evaluate their operational well-being comprehensively. Given their limited resources, optimizing the financial model became a top priority. Their foremost objective was to find a solution to optimize their financial model and introduce AI in insurance to unveil trends, patterns, and fraud detection using machine learning. Through the solution, they wanted to uncover potential instances of fraud, evaluate risks, and execute precise credit scoring assessments
Challenges
Limited ability to access financial health, identify soft spots, and optimize resources hindered expansion potential
Vulnerability to fraud led to financial losses and potential reputation damages
Lack of accurate credit assessment increased default risk and impacted lending decisions
Solution
Leveraged AI in decision-making for in-depth financial analysis, enabling informed decision-making for growth
Implemented ML algorithms (Isolation Forest, Auto Encoder) to detect fraudulent activities, promptly minimizing losses
Utilized advanced financial risk assessment models to identify potential risk factors, ensuring financial stability
Challenges
Limited ability to access financial health, identify soft spots, and optimize resources hindered expansion potential
Vulnerability to fraud led to financial losses and potential reputation damages
Lack of accurate credit assessment increased default risk and impacted lending decisions
Solution
Leveraged AI in decision-making for in-depth financial analysis, enabling informed decision-making for growth
Implemented ML algorithms (Isolation Forest, Auto Encoder) to detect fraudulent activities, promptly minimizing losses
Utilized advanced financial risk assessment models to identify potential risk factors, ensuring financial stability
Business Impact
Improved decision-making
Enabled AI for financial forecasting through intelligent solutions. Improved the overall performance of the organization by embedding AI in decision-making
Enhanced Data Security
Enhanced the agility and security of data by multi-factor authentication by allowing the data to be stored on Azure Data Lake
Reduction in expenses
Reduced opportunity costs with the Microsoft pay-as-you-go Model, which optimized data storage expenses
Operational Ease
Increased productivity and reduced manual efforts by implementing Microsoft technologies that ease the process of data transfer of the data and EXIM report generation
Why Kanerika?
Kanerika is a premier provider of data-driven software solutions and services that facilitate digital transformation. Specializing in Data Integration, Analytics, AI/ML, and Cloud Management, Kanerika prides itself on its expertise in employing cutting-edge technologies and agile methodologies to ensure exceptional outcomes. With a proven track record across various industries, Kanerika maintains rigorous quality standards, backed by ISO 27701 certification, SOC II, and GDPR compliance. As a distinguished partner of Microsoft, AWS, and Informatica, Kanerika’s commitment to innovation and strong partnerships positions it at the forefront of empowering businesses for their growth.
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