Real Time Fraud Prevention

by Kali Bagary, CEO, The Data Company, 06 February 2024 

ADVANCING FRAUD PREVENTION IN REAL-TIME: A DATA-DRIVEN APPROACH

In a recent presentation at the monthly Client User Group meeting, our CEO, Kali Bagary, shed light on the pivotal role of real-time fraud prevention in today’s insurance landscape.

Anchored by our partnership with Genasys and bolstered by our advanced solutions at The Data Company, the discussion delved into the intricacies of classifying fraud at the First Notification of Loss (FNOL) stage and the subsequent investigation process.

The crux of our approach lies in leveraging cutting-edge technology to combat fraudulent activities swiftly and decisively.

Let’s delve into two key solutions that exemplify our commitment to combatting fraud effectively:

FNOL Solution Overview: Claims Scoring Process

• Real-Time Scoring: By harnessing the power of Genasys Unify Platform, we ensure that FNOL data is captured promptly. This data is then seamlessly integrated with our scoring engine via API, enabling real-time assessment. Drawing insights from external data sources, our scoring engine employs pre-defined rules to evaluate each claim dynamically. The results, categorised as GREEN for Straight Through Processing, AMBER for additional scrutiny, or RED for referral to Claims Assessor, are relayed to the Genasys Unify platform, guiding agent actions accordingly.
• Datawalk Standard Scoring & Post Classification: Our partnership extends to utilising DataWalk, a next-generation graph analytics platform. Here, comprehensive data from Genasys Unify is analysed using a myriad of techniques including expert rules, predictive models, and text mining. All AMBER and RED claims undergo rigorous scrutiny within DataWalk’s scoring engine, facilitating efficient triage and subsequent investigations.

DataWalk – Next Generation Software

At the heart of our fraud prevention arsenal lies DataWalk, a robust platform driven by AI and ML, with its ability to seamlessly connect disparate data sources and deliver actionable insights, DataWalk revolutionises fraud detection and investigation processes. Its flexible scoring capabilities and integrated link chart empower investigators to uncover connections and patterns with unparalleled accuracy and efficiency.

FINIUM Framework & Data Migration

Ensuring a seamless transition is paramount in today’s data-centric landscape. Our FINIUM framework, powered by innovative solutions like migrateFINIUM, facilitates smooth data migration without disruptions. By harnessing the power of dataFINIUM, our Intelligent Data Hub, we empower organisations to migrate their data confidently, ensuring it remains future-fit and readily accessible to authorised users.

Unlocking the True Potential of Your Data

Together, let’s embark on a journey to unlock the true potential of your data. With our comprehensive suite of solutions under the FINIUM framework and our unwavering commitment to combating fraud head-on, we stand poised to navigate the evolving challenges of the insurance industry with confidence and agility.

The path to effective fraud prevention begins with real-time insights and proactive measures.

With The Data Company and Genasys by your side, your organisation is equipped to tackle fraud with precision and foresight.

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