SENTIENT Case Study
Insurance company in Turkey saves $5 million USD using Fraud Detection Software
Customer
One of the largest insurers in Turkey
Industry
Insurance
Function
Fraud Detection
Problem
The company processes 25000-30000 claims each month that need to be scrutinized for fraud. Each claim was processed manually, taking more than two weeks per claim. A team of 50 people scrutinized these claims, and decisions were taken largely based on loose rules and personal experiences of team members.
Solution
The company decides to adopt an ML-based software that automates the fraud analysis process through a score-based system which evaluates the fraud risk of a claim in real-time. The outliers predicted by the scoring system can be immediately investigated, reducing time to process while minimizing errors.
Result
The company was able to implement the solution in 6 months. They reaped an immediate ROI of 210% in the first year, saving 5 million USD. The digitization enables quick adoption of other ML-based solutions, enhancing their future competitiveness.
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