Trōv: AI-Powered Fraud Detection

Introduction

Trōv is a global leader in embedded insurance, powering the future of digital insurance distribution and emerging mobility. Its robust insurtech platform empowers financial institutions and insurance incumbents to easily embed insurance products within other digital experiences to increase recurring revenue.

Challenge

Insurance companies spend several days to weeks carefully assessing a claim, however, the insurance business is still affected by fraud. The most common issues are property damage, car insurance scams, renters, and pet issues. Carefully selected models may help to successfully detect fraud. Our client aimed at automatic identification of fraud activities and preventing fraud-related losses and damages before claims are paid, and before fraud activities could do any harm to their system. The client also wanted to decrease the time spent for claim consideration and payments to genuine customers.

Solution

Results

Fraud detection analysis helped to minimize fraud, improve underwriting and enhance risk management.

The client benefited from:

• automatic real-time fraud detection;
• improved accuracy of fraud detection, false positives reduction, and the minimization of human errors;
• costs optimization of the processes and resource usage;
• lowered loss ratio, fraud or break identification before any harm is done;
• accelerated payments on genuine claims;
• improved customer experience.