This is our story of co-creating a customized and scalable Artificial Intelligence (AI)-led solution to identify payment anomalies and financial leakages for a leading Asia-Pacific insurer.
As we know…
Premium payments are the bedrock of an insurance company’s expansion and financial stability. However, irregularities in payment, triggered by errors, discrepancies and fraudulent activities, have significantly impacted revenue streams.
Integrating AI in insurance operations to discern and prevent payment leakages is vital to safeguarding profitability and revolutionizing revenue management.
The challenge for the client was…
Navigating mounting payment leakages due to the absence of a robust mechanism to audit payments and identify patterns (that cause leakage). The complexity was exacerbated by diverse payment methods, leading to significant processing hurdles. Each method necessitated multiple stages of approvals.
Moreover, the scenario was aggravated by fraudsters manipulating the system through counterfeit receipts, fictitious transaction IDs, post-premium payment reversals and technical anomalies – ultimately inflicting financial losses on the company.
To engineer an innovative solution…
WNS Triange, our AI, analytics, data and research practice, leveraged the capabilities of Triange NxT – a strategic, platform-centric pillar. We designed a scalable cloud-based AI solution by combining domain expertise and an understanding of the intricacies of premium payment dynamics across different Lines of Business (LOB). The solution, anchored in rules and Natural Language Processing (NLP), deftly navigated complex customer data sets to identify irregular patterns and incongruities.
Key components of the solution included:
The AI-led solution…
Culminated in a host of critical outcomes, including:
USD
Million
worth of previously concealed payment leakage (identified), with
USD
Million
of year-over-year leakage prevented
The solution’s success prompted the client to contemplate its broader applicability across diverse product lines, a testament to its transformative potential.
About WNS Triange:
WNS Triange powers business growth and innovation for 200+ global companies with Artificial Intelligence (AI), Analytics, Data and Research. Driven by a specialized team of over 6000 analysts, data scientists and domain experts, WNS Triange helps translate data into actionable insights for impactful decision-making. Built on the pillars of consulting (Triange Consult), future-ready platforms (Triange Nxt), and domain and technology (Triange CoE), WNS Triange seamlessly blends strategy, industry-specific nuances, AI and Machine Learning (ML) operations, and intelligent cloud platforms.
Driving a futuristic edge are WNS Triange’s modular cloud-based platforms and solutions leveraging advanced AI and ML to provide end-to-end integration and processing of data to actionable insights. WNS Triange leverages the combined strength of WNS’ domain expertise, co-creation labs, strategic partnerships and outcome-based engagement models.