FraudEngine operates throughout the policy lifecycle allowing the insurer to confidentially deliver a fully automated and digital customer journey. Know Your Customer (KYC) is significantly enhanced by FraudEngine because we combine a flexible rules-based engine with a powerful self-learning AI approach to help identify and report inconsistent and suspicious behaviours.
We leverage powerful AI techniques such as Centroid-based clustering and Voronoi-cell structure analysis to learn over time what “normal” should look like and reports users or events that fall outside the expected norms.
For example, accidents should only happen when the policy holder had been driving. Some types of home insurance claims should match when the policy holder was away from their home. Commuters make 2 to 6 trips a day whereas delivery drivers or taxi drivers might make 20 or more trips in a day.
FraudEngine uses data from across the platform including driving data, photo geotag location data, photo date & time stamp, photo object recognition meta data and OCR data, app usage and activity & policy data. It can significantly enhance policy on-boarding and claims management processes and it operates continuously to identify potential fraud across the customer base.
All incidents of potential fraud are reported via our secure insurer web portal but integration with the insurer CRM system is also supported.