Insurance fraud causes damages to insurance companies worth billions of euros every year. To reduce insurance fraud at this major international insurance company, GFT tapped into its big data capabilities and developed an agile anti-fraud solution that delivered rapid ROI and improved fraud detection.
Find new solutions based on big data capabilities to counteract fraud
- Access to information stored in unstructured documents such as notes, press releases and medical reports
- Improvement and exchange of information between institutional databases, also by using 'open data'
- Use of the internet and social media as new sources of information
A big data solution that expanded the company’s existing anti-fraud system
- Development of a tool to provide support with detection and investigation, creating an open-to-services platform that is capable of opening research and analysis functionalities to all enterprise applications
- Solution capable of handling structured and unstructured data derived from enterprise systems or external institutional databases
Increased fraud detection
- Solution is mainly used by departments responsible for issuing policies, opening claims and dealing with fraud
- System reacts immediately to changes in the business environment – complex real-time queries involving huge volumes of heterogeneous data can now be handled rapidly
- Simple integration of new information sources – new rules can be developed without changing the master data model
- Rapid ROI thanks to the increased number of frauds detected