Issues at an insurance firm were occurring due to manual errors around its claims processing.

To increase accuracy, and streamline workflows, the business needed to automate its workflows whilst increasing its resilience to fraudulent claims.

Key challenges

• Large number of manual errors
• Inability to clarify and align data formats in-house
• Struggling to adapt quickly to changing regulations
• AI-/ML-augmented models required for processing profiles to reduce risk
• Intelligent sentiment analysis models needed to help understand customers better
• Text analysis and predictive analytics to detect fraudulent claims

Our solution

• A OneSource client-defined data model to work across all third-party technology and data lakes.
  
  

Benefits

With more sophisticated analytics, the firm was able to be more competitive on pricing due to a greater understanding of risk.

This also helped strengthen intelligence around FNOC and FNOL scenarios, improving customer experience and reduction of fraud.

The net benefits was improved KYC scores, driving higher retention and renewal rates.