Hybrid Intelligence in fraud detection offers:
- Reduced False Positives: Enhancing efficiency in fraud detection.
- Real-Time Explanations: Facilitating immediate risk assessment and alternative workflows.
- Superior Data Efficiency: Ensuring comprehensive fraud detection.
- Enhanced Auditability: Promoting transparency and compliance in fraud detection processes.
Fraud detection is an essential function in insurance, and applications built on the Hybrid Intelligence framework are bringing significant advancements to this area. These applications enhance predictive performance, provide real-time insights and explanations, and allow for more informed and effective fraud detection.
One of the key benefits of systems enabled by Hybrid Intelligence is their ability to reduce false positives. By delivering an in-depth understanding of each transaction, insurers can accurately identify fraudulent activities, reducing the instances of false alerts that can waste valuable resources.
In addition to improved accuracy, Hybrid Intelligence applications enable real-time explanations for each suspected case of fraud. This feature not only helps in immediate risk assessment but also provides an opportunity to create risk-based alternative workflows. Suspected transactions can be assessed and, if necessary, re-routed to higher human involved workflows.
The data efficiency of Hybrid Intelligence systems is another important advantage. They offer superior predictive performance even for under-represented segments in the data, ensuring comprehensive fraud detection across all areas of operation.
Moreover, the auditability feature of Hybrid Intelligence greatly enhances risk management and governance. Every decision made by the system can be traced, providing clear evidence of compliance and supporting transparency.
Contact us if you have an application that could benefit from UMNAI’s technology or if you’d like to learn more about the benefits of Hybrid Intelligence.