AlphaInsurance together with SAS constructed an analytical system for counteraction to fraud

2020: Creation of an analytical system on counteraction to fraud

AlphaInsurance together with SAS constructed an analytical system for counteraction to fraud. It became known on December 22, 2020.

The project is implemented in a short time and included not only deployment of the system, but also necessary adaptation of business processes of the company to work with this tool. As a result the speed and accuracy of the procedure of settlement of losses grew.

Insurance companies are actively interested in technological solutions which increase efficiency of fight against fraud. It is critical, payments for the arranged insured events reach 20% of the total amount of payments for losses on KASKO. Such statistics in turn seriously influences rates, strongly overestimating them, and labor-consuming checks of suspicious losses considerably slow down settlement process. As a result, the customer loyalty decreases and reputational risks – both the industries in general, and separate companies grow.

Understanding these trends, in the Russian market invested AlphaInsurance of one of the first in an analytical system for counteraction to fraud on the basis of solutions of SAS and already received specific financial results.

Together with traditional methods for identification of suspicious losses the AlphaInsurance uses machine learning technologies of SAS now. Manual transactions of the specialists who are engaged in conducting investigations on suspicious losses are automated. It allows to avoid influence of a human factor, to avoid errors and to analyze the large volume of data for the minimum time.

For investigations of the losses similar on a profile on fraudulent, and works with fraudulent groups the analysis of communications between participants of road accident, vehicles, insurance contracts is used. Automatically constructed interrelations allow to assess a situation for the minimum time, to receive the broad picture of relationship of the client and the company and to reveal cases in which it is necessary to involve law enforcement agencies.

At all stages of communication with the client the AlphaInsurance regards as of paramount importance its convenience and comfort. And settlement of losses – not an exception. In addition to the main the tasks – counteraction to fraud, the implemented project allowed us to reduce time of settlement of losses for reliable clients, – Alexander Haragezov, the director of the department of insurance payments of AlphaInsurance company notes.

fraud Methods in car insurance change, adapting under a regulatory framework, under emergence of electronic services, under settlement processes of losses of insurance companies. Approaches to identification, investigation and counteraction of fraudulent activity should evolve constantly to continue to support economic safety of the company and to be in time behind constantly growing standards of service for clients, – Konstantin Zaytsev, the chief of the department of preliminary checks of losses comments.

The task to counteraction to fraud becomes especially relevant in the light of a pandemic. In a situation when the income of the population falls, and credit debts grow, there is a probability that the person will begin to look for a source of "easy" money. Having implemented the system of SAS, AlphaInsurance not only will identify unreliable clients, will reduce costs for fraudulent payments and will save time of experts, but also will show to swindlers what will give them worthy repulse, – Eduard Sargsyan, the senior consultant for analytical solutions for an insurance sector of the SAS Russia / the CIS notes.