One of the more powerful ways that Verisk can track down fraudsters is by tracing the personal connections among the folks who file claims. It uses Neo4j‘s graph database to find friends, family members, and other acquaintances that may be involved in fraud.
“[The fraudsters] always seem to be one step ahead, and that’s where AI picks up a lot of these trends and picks up a lot of the connections between people who don’t seem to be connected, but are,” Fiorino says. “Somebody’s brother-in-law files a claim instead of the person who filed the claim last year for a hurricane. But it’s at the same address. So it picks up on those things.”
Read more: https://www.datanami.com/2019/06/05/how-advanced-analytics-is-helping-to-flush-out-insurance-fraud/
Keywords: Analytics • Insurance Fraud • Insurance Industry