Insurance fraud is a criminal offense. According to estimates by the German Insurers’ Association, the damage amounts to 4 billion euros per year. The damage is often particularly high for corporate customers. Using the Palturai BusinessGraph offers insurers some innovative ways to track down fraudsters and increased risks.
Use Case Insurance: How insurance companies reduce risks and fraud with Palturai
The businessman who is “warmly renovating” his aging office building is no longer the primary problem today. Just as many companies are undergoing a digital transformation, forms of fraud have also changed and modernized. Familiar early warning indicators no longer count, and new recipes are needed.
Automatic connection checks
Palturai provides insurance companies with innovative methods for detecting fraud. One of the simplest forms is a standardized check in the event of a claim to determine whether there are any connections between the injured party and the specified perpetrator.
Other connection checks could include, for example, comparing new customers with already known fraud cases: Is there a connection between the inquiring company and conspicuous companies from the past? This can also be considered an automated check, which is then processed manually in the event of an alarm. For this, the insurance company must define the corresponding “trouble spots” itself and mark them in the BusinessGraph. Good to know: There do not have to be any direct connections; our “Risk Scanner” can also react to the mere proximity to critical points if required.
If large-scale cases are suspected, the BusinessGraph is of course also available for in-depth manual research. Complex structures can thus be quickly displayed and understood.
Many other use cases
In addition to risk and fraud, there are many other possible uses of the Palturai BusinessGraph in insurance. When managing less lucrative contracts (portfolio restructuring), for example, you could check to be on the safe side whether the customer with the small private contract is also responsible for a large corporate customer. If that were the case, the sales department would certainly be happy to receive this information. Because last but not least, the marketing and sales area is also a promising area of application.
If you are interested in our entire range of services and other use cases, please contact our sales team.
Category :• Oct 01, 2020