Case Studies
Detecting and Reducing Cost of Fraud Rings
Overview
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Application Infrastructure & Middleware - Data Exchange & Integration | |
Finance & Insurance | |
Business Operation | |
Operational Impact
[Data Management - Data Analysis] ETL process enabled the insurer to see a representation of how each person, place, thing, or event was associated, along with the numeric or semantic context of each of these entity relationships which illuminated the most relevant interactions. | |
Quantitative Benefit
Over a 10-week period, Saffron examined 113,000 claims (structured data) from one year in one state and found three potential fraud rings, warranting further investigation, in less than a month. | |
Saffron forecasts that the insurer can avoid a payout of $10s of millions a year given that Saffron’s unique cognitive computing approach can potentially detect multiple fraud rings across each state in a given year. | |