Annualised savings of £1.6m
4x increase in potential fraudulent claims identified
The automated solution brings greater consistency in identifying potential fraudulent claims
Our insurance client wanted to test the effectiveness of an automated approach to fraud detection. We did this by using the same list of terms that the client provided to its frontline agents, we applied speech analytics technology to review thousands of recordings of claim calls. The technology identified four times as many potentially fraudulent claims as the frontline agents.
Our client was able to identify a large number of potential fraud cases. The automated solution brings greater consistency to that process – and has identified real fraud cases that had been missed with the manual process.
The larger number of potential fraudulent claims meant the client had to increase the size of its fraud team, but with a strong return on investment, the approach will lead to annualised savings of £1.6m.
For more details on our analytics services or to discuss how we can help you generate richer insight from your customer interactions, please contact Lee Mostari, Director of Insights & Analytics.
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