Case Study |
Fraud Detection for Insurance Company
CLIENT
Insurance
Company
INDUSTRY
Insurance
CONSULTANT ROLE
LOCATION
The Nordics
The Challenge
Defending against Insurance Fraudsters
The client, an insurance company in the Nordics, sought a digital transformation consultant to introduce an automated fraud detection tool that would increase efficiency and accuracy of identifying fraudulent claims.
“The battle against insurance fraud was relentless, and we needed to bolster our defenses.” — Head of Fraud Prevention
Role of Consultport
Consultport proposed 3 consultants within 24 hours. The client interviewed 2 candidates and selected a former Senior Consultant at Capgemini specializing in insurance technologies. The consultant started working with the client 72 hours after the initial request.
Approach
Well-rounded Assessment
Working with the client’s fraud prevention team, the consultant conducted a thorough assessment on the client’s historical claims data and existing fraud detection process. The consultant also engaged key stakeholders to grasp the specific requirements and objectives of the tool.
Solution
Implementing Fraud Detection Tool
Together with the IT teams, the consultant identified cracks in the existing practices. They decided to collaborate with an external vendor specializing in fraud detection. The consultant evaluated multiple vendors and selected one which aligned with their products and security architecture.
The new fraud detection tool could rapidly analyze vast amounts of claims data and flag potential fraudulent activities for further investigation. The tool also came with a digital dashboard with data visualization and reporting features.
Before deploying the tool, the consultant conducted training sessions to equip the customer support team with the knowledge and skills to utilize the tool.
Results
Improved Fraud Detection & Customer Satisfaction
The tool substantially boosted the efficiency and accuracy of fraud detection, resulting in faster claim processing and increased customer satisfaction.
Internally, the digital dashboard allowed the fraud prevention team to gain insights into emerging fraud trends and adapt their strategies proactively.
Efficient
Fraud Detection
Increased
Customer Satisfaction
Strategic
Agility
The collaborative approach between the consultant and our teams created a synergy that propelled our fraud detection efforts to new heights.
Head of Fraud Prevention of Insurance Company
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