Business Understanding
The insurance industry plays a crucial role in mitigating financial risks for individuals and businesses. However, fraudulent insurance claims pose a significant challenge, accounting for approximately 30% of losses incurred by insurance companies.
Traditionally, the detection of fraudulent claims has heavily relied on human experts, who are not only cost-expensive but are also projected to be in short supply in the future. To address this issue, the application of Artificial Intelligence (AI) has emerged as a transformative solution, revolutionizing the way insurance companies combat fraudulent activities.
Fraudulent insurance claims pose a significant challenge, accounting for approximately 30% of losses incurred by insurance companies.
AI-powered solutions, particularly machine learning algorithms and data analytics, are being increasingly leveraged to detect and prevent fraudulent insurance claims. These technologies have the ability to process large volumes of data at incredible speeds, identify complex patterns, and make accurate predictions, surpassing the capabilities of human experts. By analyzing historical claims data, transaction records, policy details, and even external data sources, AI models can identify anomalous patterns that indicate potential fraud with remarkable precision.
AI Solution
- At the core of our AI-driven fraud detection solution for the insurance industry lies a sophisticated approach that harnesses the power of massive historical claim data.
- This extensive dataset, comprising intricate details such as medical bills, treatment regimens, and more, forms the foundation of our data inventory, which is meticulously prepared for thorough analysis during the Exploratory Data Analysis (EDA) phase.
- Infused with a deep understanding of the insurance process, our solution orchestrates a seamless journey through data manipulation and visualization. Through meticulous organization and insightful comparison, a tapestry of patterns emerges, vividly highlighting a spectrum of behaviors and occurrences. The true brilliance of our AI system is unveiled as it adeptly distinguishes deviations from the norm.
- By employing cutting-edge techniques, abnormal patterns, often indicative of fraudulent activities, are not only revealed but also isolated with precision.
- The AI is like a detective finding clues. It’s great at finding these odd patterns that might mean someone is trying to cheat the system. This special tech helps keep insurance fair and square, making sure people get the help they need.
Expected Outcome
In the insurance realm, AI’s integration for fraud detection reshapes norms, spotlighting intricate patterns. These insights, highlighted on a user-friendly dashboard, bolster even novice staff, driving a 20% loss reduction. This dual effect democratizes fraud identification while fortifying insurance companies’ bottom line. The fusion of human and AI capabilities streamlines inspections, thwarting fraud complexities. This synergy not only enhances agility but also secures insurance’s future, curbing losses.
Our Team Members
AI TRANSFORMATION LEAD
Dr. Mikhail Krasnov
Based in Switzerland, Mikhail is an esteemed leader with a Ph.D. in Economics and recognized as a Certified Director by the London Institute of Directors. With a 30-year tenure in the IT sector, he co-founded Verysell Group in 1990 and now drives strategy and innovation across the entire organization. He staunchly believes that AI should be a catalyst for all businesses, not a threat, enhancing and transforming companies. To him, AI is a powerful tool for businesses to harness for their advantage.
Head of Applied AI Lab
Yurii Lozinskyi
Based in England, Yurii is the driving force behind Verysell Applied AI Lab. With 25 years of experience in Healthcare, Insurance, and Finance, he specializes in Business Process & Digital Transformation. Yurii excels in creating neural networks for diverse business automation, from medical diagnostics to machinery anomaly detection. Beyond tech, he’s a proficient software delivery manager and project leader. His leadership has fueled remarkable growth, achieving up to 60% CAGR by guiding 20+ Agile Teams globally.
Chief AI Scientist
Dr. Hung Dao
Based in Vietnam, Dr. Hung leads a dynamic Consulting Team, driving AI innovation across diverse sectors, from industrial visual inspection to medical image segmentation at our AAI Lab. With a PhD in Engineering from Keio University (2014), his expertise extends to groundbreaking research published in renowned conferences such as FG, BMVC, ICASSP, and ACCV, alongside multiple granted patents. With a distinguished track record at FPT, VinBrain & Nautilus AI, he’s a prominent figure in the AI landscape.
STRATEGIC ADVISOR ON AI
Dr. Alexey Minin
Prof. Dr. Alexey Minin, an esteemed expert in the digital economy and artificial intelligence implementation, boasts over 19 years in high-tech. Rising from Siemens engineer to associated partner at MHP – A Porsche Company, Germany, Alexey excels in management consulting, exponential technologies, and creating businesses based on modern tech. A Doctor of Science in AI, Honored Professor, and consultant for several boards of directors, Alexey specializes in digital transformation, AI application, and startup guidance. He co-founded startups, lectures globally, and is a sought-after speaker in digital conferences.
Business Development Manager
Muin Pirzada
Muin brings to the table an extensive background of over 13 years in the fields of Robotic Process Automation (RPA), Test Automation, and Artificial Intelligence (AI). This vast experience has not only equipped him with a profound knowledge of these cutting-edge technologies and deep passion for business growth and operational efficiency, but also with an acute understanding of their capability to revolutionize industries and streamline operations.
Marketing Manager
Ha Nguyen
Based in Hanoi, Ha spearheads marketing endeavors, leveraging over a decade of prowess in the global technology arena. She currently serves as AAI Lab’s Marketing Manager, leveraging her expertise in B2B marketing, branding, content strategies, and Agile methodologies to propel the company’s growth. Her practical know-how equips her to craft and execute effective marketing strategies for AAI Lab and other entities within the Verysell Group.
Software Development Automation Lead
Hieu Tran
Hieu, from Danang, Vietnam, heads the automation team at SmartDev. With a decade of experience in software development, he’s skilled in tech strategy and research. Known for boosting daily operations, Hieu shines in project coordination and customer happiness. Currently, he’s the top engineer at SmartDev and also leads the AAI Lab Software Development Automation.
Head of Project Management
Richard Sharp
Richard, based in Danang Vietnam, has over 40 years of IT experience. He has had many roles including Client Manager, Supplier Manager, and Service Management Program Manager. He has designed, developed and implemented advanced service management solutions for leading organizations across the technology, government, health, telecoms, oil & gas and financial services sectors.
HEAD OF AI EDUCATION
Soan Duong
Dr. Soan is a lecturer at the Computer Science Department within Le Quy Don Technical University. She is also a senior research scientist with keen interest in computer vision and medical imaging. Her research work has been published at prestigious venues, including ISBI, ICIP, ICASSP, BMVC, and CVPR. Soan plays an active role in the academic community by serving as a dedicated reviewer for esteemed publications such as: IEEE Access and NMR in Biomedicine.