Increase in fraud was a serious threat to one of the leading insurance companies in the U.S. Nuvento implemented an automated reporting mechanism that detects possible frauds, made by claims representatives during the settlement of an auto liability or casualty claim.
Fraud is one of the biggest challenges for an insurance company. The high increase in deception is costing the industry billions of dollars every year. Payment of false claims weakens the financial position of the organization and also undermines its ability to underwrite potentially profitable business. Fraud management is one of the top priorities for insurance companies worldwide.
Managing fraud is a difficult and complicated task since it is diverse in nature and across every kind of insurance. The large customer base and volumes of data across multiple sources increase the complexity. Nuvento’s client, one of the largest insurance companies in the U.S. was encountering a similar situation. The organization had to prevent fraudulent activities across 8 million payments made over 3.5 million claims covering the auto liability and casualty lines of business
Based on its strong experience and deep domain knowledge, the insurance company selected Nuvento’s Business Intelligence (BI) solutions to build a fraud management system. We focused on providing solutions that could mitigate diverse risks, had strong thresholds and would ultimately contribute to cost savings for the client.
– SQL Server Analysis Services (SSAS)
– SQL Server Reporting Services (SSRS)
– SQL Server Integration Services (SSIS)
– .NET Framework 3.5
Since its inception in 2007, Nuvento has built strong expertise in Business Intelligence solutions. Our BI capabilities are complemented with consulting, process engineering, technology and quality assurance to provide a complete experience. Nuvento also creates its own intellectual property to provide customized solutions to our clients across industries.
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