What is Insurance Fraud?

Insurance fraud costs the economy with loss of huge money every year. Insurance fraud has really overtaken all other forms of identity theft and it increased by an astounding percentage during last decade all over the world. Nevertheless, the vast majority of insurance transactions are legitimate and not fraudulent. Because of this, fraudulent transactions are very challenging to identify and prevent by using conventional techniques.

Identify insurance fraud  

Machine learning is the ideal solution. In order to detect statistical patterns that humans would overlook, machine learning analyses massive amounts of historical data. Machine learning can be used in this situation to identify trends in fraudulent transactions and develop a model for detecting fraud. Businesses can use AI-driven tools to sift through this huge data and identify warning signs in real time at the right touch point(s) during the customer lifecycle. The quicker processing for genuine customers at these points of contacts is also a benefit from this mechanism.  

Why ACLYSIS?

• ACLYSIS provides the Automated Machine Learning platform with no code decision making methodology.
• The entire process is automated which is simple, quick and accurate.
• Get instant output as per requirement.
• Reduce cost, Save time and resources. 
• Any financial institution may easily create and implement fraud alarm systems using Aclysis.   
• Notify customers through SMS when a fraudulent transaction is discovered.
• Reducing operational risk substantially to achieve higher profitability.