Case Study
An Indian life insurer with large volume and high fraud
Overview
An Indian insurance company was facing potential systemic fraud across a high volume of applications.
They had data accuracy issues, incentive misalignment, paper-based, self-completed applications and physical photographs required for KYC.
Due to these issues, they were 25% over their claims experience expectations.
Approach
Lapetus proposed their AI backed Facial Analysis tool to quickly review new business applications for customer misstatement or potential fraud on customer application form.
Results
Sample trial run proved a 10% error rate, with a potential cost savings in the millions on photo collection, medical assessment, and reduction in claims rate.
Conclusions
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