ERGO Insurance, with a presence of more than 30 years in the Greek market, is proceeding with an important initiative to combat insurance fraud, initially in the car insurance industry. A key partner in this effort is the Athens Technology Center (ATC), which undertakes the implementation of an integrated anti-fraud solution that will It allows early recognition, supervision and prevention of malicious activities or transactions by both insurance agents and compensation applicants.
For the implementation of the project, ATC proceeds to customize the flexible and scalable Fraud Detection and Prevention platform of the American company 4LDATA, which it now has exclusively for all of Europe. The platform uses Big Data Analytics and Artificial Intelligence technologies, enabling ERGO executives to detect suspicious transactions in time, assess fraud chances, and check compensation requests in detail before their approval.
The need for such a system arose as insurance frauds have a significant economic impact, affecting the cost of insurance policies and market credibility. ERGO was looking for a holistic, automated solution to be able to detect, investigate and prevent non-payment premiums (fictitious policies), insufficient understanding and acceptance of the terms and coverage of a premium (coverage sliding) or other cases of fraudulent behavior and collusion. The sampling and additional regulations to date have not been sufficient to detect such malicious actions.
ATC’s solution, based on Machine and Deep Learning, will automatically detect three main categories of insurance fraud: false claims, agent partnerships with fraudsters, and fraudulent statements when filing new applications. The system will generate automatic alerts based on predefined criteria and will continuously harness AI power to improve detection accuracy.
The project was launched by the automotive sector, with the aim of expanding into insurance such as fire, civil liability, legal protection, personal accident and marine coverage. With the implementation of this solution, ERGO Insurance will acquire the possibility of early detection and prevention of fraud, reducing financial losses and enhancing the reliability and transparency of the
of its services.
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2024-ERGO-Antifraud-Case-Study-GR
This text has been translated automatically from the original Greek. In case of any discrepancy or inaccuracy, the original Greek text prevails. The translation is provided for information purposes only.