Stop revenue losses due to insurance claims fraud >
Prevent fraudulent claims
Every year insurance companies face the daunting task of sifting through millions of transactions to stop the billions in losses due to fraud.
Both individuals and organized crime rings rely on schemes like identity theft, false worker’s compensation and medical claims, and intentional vehicle accidents to scam millions.
Alessa uses advanced techniques like machine learning to detect suspicious claims and fraudulent activities that trigger investigations before being paid out.
How Alessa helps insurance companies detect and prevent losses
Monitor all transactions and investigate suspicious activities before processing claims
To detect complex fraud schemes across departments and systems
Configurable assessment of vendor and customer risks based on profile and activity
Reduce losses due to fraud
Studies estimate that fraud accounts for up to ten percent of incurred losses and loss adjustment expenses by the insurance industry. Alessa helps to significantly reduce these losses and exposure and enables insurance companies to keep their premium rates low.
Comply with legislation
In many jurisdictions, insurance companies are required by law to set up programs that identify fraud and take actions to reduce it.
Use the risk scoring functionality within Alessa to identify the highest risk transactions and prioritize activities of assessors and special investigation units (SIU).
Reducing losses due to fraud, identifying and mitigating against risks and prioritizing the efforts of staff help to reduce operational costs and premiums for brokers and clients.
Sagicor Financial - Transaction Monitoring, Insurance
Read how this insurance company monitors 100 percent of its transactions to identify duplicate payments, over payments and high-risk transactions.Learn more
National Insurance Board - Transaction Monitoring
Read how this insurance company started monitoring over 50 controls, including claims, adjudication and payments, to identify gaps and optimize their programs.Read more
Queensland Health - Fraud Prevention, Government
Learn how this public health department adopted a vendor risk management and anti-fraud controls solution after losing $17 million.Read more
Alessa can help stop fraudulent insurance claims
Learn how we use technology to stop waste, abuse and fraud in your organization