iCAST Analytics

As an example, there are times when Insurance companies start facing issues when the claims start becoming too much a burden on the reserve created. And in cases of prevalent and non detectable frauds, claims paid out do not really serve the purpose, rather they serve the wrong people and wrong reasons. Also the professional mistakes during policy servicing may cost the companies high at a later stage. Hence it becomes very important to have a proper understanding of the patterns of business which benefit the companies to proactively control the wrong practices which will cost the companies very heavily. Even though Insurance companies ensure that they have a highly audited environment for reducing the frauds in Insurance claims and matured approaches for policy servicing, it does not become fully sufficient. They always need to have a right integration and quality proliferation of their data together with the right semantics and matured approaches towards understanding the patterns as well as right predictions.

With Industry veterans and the solution designed by Industry experts towards the right understanding of the data, the patterns along with the semantics and sophisticated statistical modeling, iCAST ensures that the anomalies in the processes are detected. Not only are the anomalies could be detected at the policy issuance, policy servicing or at claims level, iCAST ensures that it is very well understood and detected at the multiple process areas as underwriting, receivable management etc.,.. By a integrated view of the process across the multiple domain areas, all broken up till the individual micro activity level & tagged to the respective goals, iCAST ensures that not only the anomalies are detected, but also their cause and effects are mapped appropriately traceable to every possible point preceding and after so that it becomes very effective towards tracing the anomalies and getting to the right patterns.

This solution provided with the Industry veterans ensure that the Organizations benefit with the maximum returns for the dollars spent and enable that the Organizations benefit the maximum in terms of managing the processes very effectively in the right direction along with their targets and benchmarks. Risk mitigations and profitability gained by this gives enormous vision to the Organizations and enable them to get the best results.

Anomaly Detection

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