United KingdomFinance and insurance2023 – ongoingAllianz UK
Incognito machine-learning claims fraud detection
Allianz UK attributed £1.7m in savings to claims identified by its Incognito fraud tool
Problem
Allianz UK faced increasingly sophisticated insurance fraud. Its fraud specialists needed to identify suspicious claims early for investigation.
Approach
Experts across Allianz UK developed the Incognito machine-learning tool. It identified potentially fraudulent claims and referred them to fraud specialists. Those specialists reviewed and investigated the flagged cases.
Results
Takeaway
Incognito selected claims for expert investigation. The insurer distinguished realized savings from reserves attached to investigations still underway.
Categories
- Size
- Large enterprise
- Industry
- Finance and insurance
- Business function
- Finance, risk and legal
- Innovation type
- Process innovation
- AI technology
- Predictive analytics and ML
- Adoption
- Built in-house
- Evidence
- Company's own claim
Sources
Source summaries
Allianz described an internally developed tool that referred suspicious claims to fraud experts. It reported £1.7m saved and a further £3.4m in reserves awaiting the conclusion of investigations.
Full details are in the original sources.