Technologies Used
UiPath
PyTorch
TensorFlow
The client is a prominent insurance provider that specializes in healthcare, travel, and accident coverage and is dedicated to maintaining the industry's highest claim ratio. They aim to retain a leading position within the sector through contemporary technologies such as AI in insurance and ML
The client wanted to move away from conventional methods requiring much manual intervention. They wanted to automate their insurance claim process solution with AI/ML to spot unusual patterns that are unnoticeable by the human eyes. The overall goal was to use deep anomaly detection to anticipate fraud detection in insurance claims quickly, reduce the loss ratios, and fasten the claim processing
Challenges
Manual intervention in insurance claim process resulted in financial losses and inefficiencies
The lack of RPA fraud detection in insurance claims left the company vulnerable to fraud
Inflexible processes and human intervention hindered data analysis and critical detail detection
Solution
Implemented AI RPA for fraud detection in insurance claim process, reducing fraud-related financial losses
Leveraged predictive analytics, AI, NLP, and image recognition to monitor customer behavior, enhancing customer satisfaction
Delivered AI/ML-driven RPA solutions for fraud assessment and operational excellence, resulting in cost savings
Challenges
Manual intervention in insurance claim process resulted in financial losses and inefficiencies
The lack of RPA fraud detection in insurance claims left the company vulnerable to fraud
Inflexible processes and human intervention hindered data analysis and critical detail detection
Solution
Implemented AI RPA for fraud detection in insurance claim process, reducing fraud-related financial losses
Leveraged predictive analytics, AI, NLP, and image recognition to monitor customer behavior, enhancing customer satisfaction
Delivered AI/ML-driven RPA solutions for fraud assessment and operational excellence, resulting in cost savings
Business Impact
Advanced Anomaly Detection
Achieved swift identification of unusual behaviors and fraud patterns, enabling quicker response and intervention by leveraging RapidMiner
Streamlined Claims Processing
Streamlined the claim review process, ensuring that claims underwent fraud detection checks before payment instructions were transmitted to the bank with the help of an AI virtual assistant
Enhanced Fraud Prevention
Mitigated financial risks and enabled a more sophisticated and supervised approach to detecting and preventing fraud by implementing predictive analytics in healthcare
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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