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Insurance Fraud Modeling & Business Intelligence Framework
Submitted by Dr.S.Jayaprakash,Ph.D (@drjayaprakash) on Tuesday, 21 May 2013
We have successfully created a product on Insurance Fraud Modeling Framework backed by the robust Business Intelligence Analytics. Some of the USPs of this model are (a) Quick to Deploy within few weeks (b) Proven Statistical Models (c) Minimum of 10X ROI for Insurance companies (d) Deployment made possible at the fraction of budgets of IT Departments. The principles behind the framework is scalable across various industries not limiting to Insurance alone.
Frauds is rampant in every sector. Insurance is one of the industries more prone to fraud. It has been always a challenge the insurer to trap the frauds due to the cost involved, complexity of factors etc. This framework has overcome the hurdles.
In Insurance sector, I come with the rare combination of exposure of Data Warehousing Technology, Statistical Techniques and a Ph.D degree in Insurance & Risk Management area. Also, I worked in the Director-Cadre at Metlife managing the Fraudulent activities which has given me practical hands on experience. This framework is a combination of various experience and this is a low cost yet high beneficial model. Another USP of the model is that this can be extended to other industries as well. i.e. the principles.