Insurance fraud is a crime. According to estimations of the Association of German Insurers (Gesamtverband der deutschen Versicherer), the annual loss amounts to 4 billion euros. For corporate customers, the losses are often particularly high. The use of Palturai BusinessGraph offers insurers innovative possibilities to quickly and consistently track down frauds and increased risks.
The businessman who “warmly renovates” his outdated office building is no longer the primary problem today. Just as many companies are undergoing digital transformation, so too have forms of fraud changed and modernized. Known early warning indicators therefore no longer count, new recipes are in demand.
Automatic connection checks
Palturai provides innovative methods for detecting fraud. One of the simplest forms is a standardized check in the event of a claim whether there are connections between the injured party and the specified perpetrator.
Other connection checks could include, for example, the matching of new customers with already known fraud cases: Is there a connection between the inquiring company and conspicuous companies from the past? This is also conceivable as an automated check, which is further processed manually in the event of an alarm. For this purpose, it is necessary for the insurance company itself to define corresponding “trouble spots” and mark them in the BusinessGraph. Good to know: There is no need for direct connections, our “Risk Scanner” also reacts to the mere proximity to critical points on request.
If there is a suspicion of a fraud activity, BusinessGraph is of course also available for in-depth manual research. Complex structures can quickly be displayed and carefully examined.
Many more Use Cases
In addition to Risk & Fraud, there are many other possible uses of Palturai BusinessGraph in insurance. For example, if less lucrative contracts were to be outsourced (portfolio restructuring), one 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 this were the case, the sales department would certainly also be pleased to receive information. Last but not least, the Marketing & Sales area is also a promising area of application.
If you are interested in our entire range of services and further use cases, please contact our Sales team.