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Predictive Analytics for Insurance Fraud detection
A leading insurance company reduces P&C claims fraud by 23% using Predictive Analytics. The Client experienced major revenue losses due to the highly evolved fraudulent claims. The
business entity was in urgent need of a smarter data analytics solution that could raise red flags and identify fraud practices and claims.
The aim of the client was
- To detect fraudulent claims and reduce revenue loss
- To analyze extensive real-time data, raise red flags and identify fraudulent claim bills
The predictive data analytics solution designed by Payoda could sift through huge volumes of real-time data, identify false bills, raise appropriate red flags, perform data analytics and
generate visualization reports. This helped the client to reduce P&C claims fraud by 23% and enabled a cost saving of 12.38%.
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