Auto insurance fraud matches: MSIG Singapore and Fermion Merimen Eliminate fraudulent claims with the all-seeing line of sight of artificial intelligence (AI).
Property and casualty insurer MSIG Singapore is working with Fermion Merimen on implementation. TrueSight Fraud Intelligenceis an advanced AI tool developed to combat auto insurance fraud.
The tool leverages AI to analyze data collected in Singapore and processed by insurers using Fermion’s electronic claims system.
By displaying the aggregated results of automated checks performed on hundreds of data points as a visual network diagram, insurers can quickly identify fraud when it occurs.
This process addresses the problem of insufficient structured data to effectively train AI models. This issue is the root cause of inaccurate fraud detection in existing AI solutions in the region.
This enables real-time detection of potential fraud and the tool supports a scalable and accessible design applicable to insurance companies of all sizes.
“The sheer number of claims processed every day, combined with their interconnectedness, makes it very difficult for insurers to detect fraud,” he explains. Sam tongueSenior Vice President and Head of Claims Services at MSIG Singapore, he adds that in the past, the company has used a combination of industry and internal efforts to uncover insurance fraud.
“We believe that with well-designed AI tools, we can better respond to fraudulent claims and reduce the cost of fraud,” Tan continues.
MSIG Singapore expects the tool to automate at least half of the screening checks, ultimately allowing claims officers to focus on higher-value tasks such as interviewing claimants and assessing more complex claims. I’m here.
The tool ensures the accuracy of the claims process, eliminates errors by backing each claim against corresponding decision rules, and reduces the risk of paying fraudulent claims.
With this, the insurer expects to generate annual savings of $74,900 (SDG$100,000) as a result of the tool’s ability to automate claims processes.
“With this new AI solution, we can quickly uncover insurance fraud by cross-referencing data points. This tool gives us at a glance the information we need to accelerate the claims management process.” I am commenting. Ivan HoAssistant Vice President, Billing Services, MSIG Singapore.
what is at stake?
The property and casualty sector paid out a total of $928 million (SDG $1.24 billion) across all segments in 2021. General Insurance Association of Singapore (GIA) reports that about one-fifth of all auto insurance claims made are fraudulent.
“Existing AI fraud solutions in the region tend to lack accuracy in detecting fraud and generate a large number of false alarms,” it commented. Agus budimanHead of Product Development at Fermion Merimen.
“The root cause was insufficient structured data to effectively train AI models. To close this gap, we decided to overcome this challenge ourselves. .”
For this, TrueSight Fraud Intelligence Augment claims data from Fermion Merimen’s electronic claims management platform. AI tools assess potential fraud and make recommendations as the platform processes the data.
Automated checks performed against hundreds of data points are aggregated into a visual network diagram that pinpoints the location of various frauds.
However, this is not the first time MSIG Singapore and Fermion Merime have teamed up to combat fraud. Back in 2019, this partnership produced TrueSight Interactive Videoa similar tool that combines video chat and car insurance claims. Now the pair’s latest venture into AI technology addresses the insurance claims front end.
“Insurers like MSIG, with their commendable kaizen spirit of innovating and serving their customers better, have inspired us to invest heavily in research and development,” said Tan. concludes Mr.
“We are honored to be working closely with MSIG Insurance in Singapore to pioneer this solution, and now look forward to rolling it out to other industries.”