BayesFraud

Advanced predictive analytics for fraud detection can have an enormous positive impact on reducing fraud,
and increasing bottom line savings. BayesFraud helps insurers harness claims data, fraud expertise
and data uncertainty and transform it into a powerful, easy to use solution for fraud detection and prevention.

BayesFraud Predictive Analytics for Fraud Detection

BayesFraud is a market-leading predictive analytics solution that provides insurers with advanced, automated fraud detection capabilities during claims handling.

Our solution consistently evaluates all submitted claims for fraud and alerts claims handlers to high-risk claims. In this way routine claims can be fast-tracked for immediate settlement, and claims with the highest likelihood of fraud can be investigated further – before costly claims are paid out.

The results: A positive end-to-end claims experience strengthens customer loyalty and retention. And when only high-risk claims are sent to investigators, hit-rate accuracy increases and valuable time and resources can be dedicated to claims with the greatest potential of fraud – and cost savings for insurers.

What makes BayesFraud solution unique ?

It combines claims data with the incredibly valuable input from claims and fraud experts in one and the same model

It quantifies missing and uncertain data and observations, to “fill in the data holes” in claims data Calculates fraud on the basis of every shred of evidence available

Uncovers insight about fraud patterns and relationships that would otherwise be missed using manual or rules-based processes

Learns from data as more claims data and information become available

Powered by the proprietary algorithms of the HUGIN Decision Engine, BayesFraud produces extremely accurate fraud predictions, and provides insurers with the optimal foundation for identifying fraud.

How does HUGIN BayesFraud solution work?

BayesFraud is an add-on system that integrates into an insurer’s claims IT, either as a batch system for periodic fraud screening, or as a real-time warning system that computes fraud probability during claims handling.

Here real-time BayesFraud is integrated as a traffic light on the screens of claims handlers: