IntelliFRAUD™ is a smart product that leverages artificial intelligence to detect fraud in commercial and workers compensation lines of property & casualty insurance. Fraud may occur at any time. IntelliFRAUD is an early fraud detection and warning tool that also continues to warn of fraud as transactions occur throughout the business lifecycle of policy administration, premium audit, claims processing, provider management and payment processing. We believe that insurance carriers, municipalities and self-insureds will benefit significantly by implementing this tool. The cost of fraud in the property and casualty insurance is expected to top $80 Billion by 2024. Most organizations are unaware of how much undiscovered fraud exists within their business. IntelliFRAUD is a Cloud based web application that integrates seamlessly with any core system to deliver fraud scoring and fraud detection alerts. It may be implemented without major changes to core systems and without additional workload for a carrier’s IT resources.
Some key features are:
Leverage artificial intelligence algorithms to increase the accuracy of fraud detection
Enables fraud alerts to be delivered in a timely manner to the right individual
Enhances SIU referral and improves the speed of SIU referrals
Early identification of potential fraud
Pay for itself providing a less than 12 twelve month ROI on an average to carriers