Discover how one insurance company transformed its approach to fraud detection and achieved an impressive 4X ROI in Year 1 with our AI-based solution. In this video, our Customer Success Manager shares the journey of a rapidly growing client who faced increasing fraud challenges as they expanded into new markets.
This video is part of a series of interesting business and use cases, featuring several of our customer success managers.
Our client sought an advanced fraud detection solution as they expanded their operations from two states into a third. Rapid growth in this new market led to increased claims severity and frequency, necessitating a robust fraud detection strategy. We collaborated with them to develop tailored scenarios in both claims and underwriting, focusing on identifying potential misrepresentation, fraud, and high vehicle-to-driver ratios. This approach enabled the identification and investigation of fraudulent claims, effectively resisting unwarranted payments. In the first year, we achieved a remarkable 4x ROI and are poised to enhance this further next year by exploring additional optimization opportunities within their teams.
