Leveraging the Power of AI for Smarter Claims Processing

Innovation using Weighted Scores for Decision Making

Weighted scoring is the latest innovation in AI predictive analytics at Synectics for claims processing that uses a pragmatic approach in prioritising workloads based on risk. Precision assigns a weighted score from 0-1000 for each claim, enabling clients to prioritise higher value cases with greater financial exposure. For example, a £500 claim scoring 600 would previously have been worked before a £10,000 claim scoring 599. This simple yet clever innovation allows teams to optimise limited resources during high volume times, saving one insurer an additional £650,000 annually in their claims lifecycle above their already powerful Precision model.

Driving Precision's weighted scores is an artificial intelligence engine trained on millions of historical datapoints. By analysing vast datasets, the system can benchmark the expected loss and risk associated with any new claim in seconds.

Customisable Strategies for Targeted Results

The true efficiency lies in how clients are utilising these AI-powered insights. By combining Precision with Outcome Orchestration capabilities, clients can tailor their fraud strategies to specific brands with more confidence and accuracy. The results have been game-changing – one client achieved a nearly 60% claims conversion rate, which is double the figure before Precision was integrated into their claims process.

Continuous Innovation Through AI

Precision's AI-driven approach is elevating fraud prevention to new levels of efficiency and accuracy. And there is still ample room for innovation as the system's intelligence continues to be evolved. With ever-growing training datasets and new predictive variables added, Precision's weighted scores promise to become even more precise and valuable over time. Just by using the weighted scoring system one insurer was able to save an additional £140,000 annually.

Reshaping the Future of Claims Processing

By providing access to sophisticated AI capabilities, Precision looks set to fundamentally reshape how insurers manage risk and process claims. It represents an exciting case study in how data science and automation can create win-win scenarios – claiming back revenue for clients while providing fairer, more consistent outcomes for policyholders. Fraud teams are taking advantage of Precision by optimising limited resources to stop more fraud and fast track genuine claims.

As the model learns more about the customer and as SSL labs experiment with functionality, the weighted scoring system facilitates further tailoring to client requirements to drive maximum performance and efficiency in claims processing.

Lube Abberley, Senior Data Scientist, said - The Weighted Precision Score considers not only the risk of fraudulent claims but also the potential financial loss, enabling insurance and financial companies to prioritise high-value claims and applications more effectively. As a result, it has helped save hundreds of thousands of pounds annually for our clients.

Learn how AI can help streamline your claims process, click here.