Are you ready to solve the biggest challenge in Insurance — Fraud?
Fraud detection solution powered by machine learning and AI
Maintain claim transparency and alertness with an AI-powered Fraud Detection System. Do not let frauds cause direct loss of revenue and potential reputational damage.
AI Fraud Detection works like a charm
Clients trust us to help them solve the crucial question: how to detect the claims with reasonable suspicion of fraud.
By adding in Medius machine learning innovation, your system becomes additionally equipped for the detection of new frauds that are not yet recognized or known by investigators.
»Medius’ solution has shown great value and multiple possible machine learning use cases in insurance companies. Furthermore, it has confirmed the expertise and reliability of Medius's experts. I would definitely recommend such product to all insurance companies.«
Maja Krumberger
Director of Slovenian Insurance Association
Insurance Fraud Prevention With Artificial Intelligence
Frodo AI detects and helps prevent fraud in the insurance industry.
In cases of fraud, it is an ongoing battle between establishing mechanisms to prevent fraud and the ever-new tricks employed by resourceful fraudsters, often utilizing smart technologies as well. When a solution like Frodo AI – an artificial intelligence assistant for fraud detection – enters such an environment the balance tips back in favor of the insurance company, offering benefits for policyholders as well.
Solution AI Fraud Detection
Know-Your-Claims — automatically detect suspicious claims.
With AI Fraud Detection we are solving the following Fraud challenges:
Eliminating manual processes for processing claims
A high level of expertise is no longer obligatory
Processing a large number of claims
Improving time-consuming analysis
Identifying suspicious claims
Large number of parameters
HOW AI Fraud Detection does it
The crucial question is how to detect the damage claims with reasonable suspicion of fraud. A damage claim has many parameters, but an average person can remember a maximum of 5 when comparing different damage claims, and even then, the results from that comparison are not immediately available for processing. On the other hand, a computer can remember an incredibly high number of parameters, while also simultaneously comparing, sorting, and processing the claims. It is not surprising that a computer fraud detection system is much better prepared for handling large amounts of data than a human being.
WHAT AI Fraud Detection offers
Our ML-based software for Insurance Fraud Detection automatically detects suspicious claims, uncovers networks, discovers hidden patterns, validates, and creates existing static rules based on traditional fraud detection systems. With automated tools, fewer scams go undetected. In addition, fraud tools enable a straightforward processing of claims and insurance applications. to be processed straightforwardly.
Correlate a large quantity of different parameters
Making decisions with minimal human intervention
Process large quantity of data (data sets)
Automate and simplify decision making
Find anomalies in unlabeled data
Stay ahead of competition
Main Capabilities
Our fraud detection system integrates seamlessly into any core system with a minimal impact on resources from your IT department.
1
Determine the relevance of predefined scoring rules and claims.
2
Seamless integration into any core system.
3
Improve efficiency and accuracy.
4
Gain faster time to resolution.
5
Improve customer experience.
6
Reduce resource usage.
Proof of concept (POC)
Fast POC implementation—in just 3 to 4 months—allows us to safely verify customer requests using customer data in a cost-effective way. 100% secure, GDPR compliant, and efficient.
Personalized approach meets high-risk mitigation:
Our unique methodology
validated through 500+ projects—is part of the package.
Turn-key solutions
for a fixed price at low risk.
Specialized team
across different industries.
Competitive advantage
Automated System
evaluates which cases are more likely to be fraudulent with a high probability of over 80%.
Custom Options
We are open to discussing a specific case that is relevant for your insurance company.
User Experience
Low learning curve and quick user adaptation as part of existing process.
Modularity
AI Fraud Detection can be further improved with new ML and AI models.
Scalability
A cloud-based solution that supports both on-prem model and SaaS.
Integration and connectivity
Seamless integration into any core system.