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 Analytics, our AI, analytics, data and research practice, leveraged the capabilities of Analytics 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 Analytics:
WNS is a digital-led business transformation and services company with 60,513 professionals across 64 delivery centers worldwide, including facilities in 13 countries. WNS combines deep industry knowledge with technology, analytics and process expertise to co-create innovative, digitally led transformational solutions with over 600 clients across various industries. WNS Analytics is the Data, Analytics and AI practice of WNS that enables business decision intelligence for clients by combining Artificial Intelligence (AI) and Human Intelligence (HI). We cater to 250+ global companies including Fortune 100 and Fortune Global 500 organizations. WNS Analytics is a robust practice of 6,500+ Domain, Data, Analytics and AI experts with proprietary AI-led assets and innovative technologies. We enable businesses to make transformative decisions backed by data-led intelligence, ensuring differentiated outcomes. WNS Analytics is an end-to-end Consulting-to-Implementation partner delivering business goals for clients with an integrated ecosystem of co-creation labs, strategic partnerships and outcomes-based engagement models.
To know more, visit https://www.wns.com/capabilities/analytics