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Claims processing is a vital function in the insurance industry. The procedures therein need to be accurate and portray the truth at all times, for correct estimation of insurance disbursements. HCL's solution leverages machine learning and predictive analytics capabilities for fraud detection to overcome the traditional statistics perspective. This helps in real-time processing. The solution suite processes a variety of data to the algorithm without being judgmental around the relevance of the data elements. It makes use of the knowledge gained through the historical data.
It leverages complex algorithms that iterate over large data sets and analyze the patterns in data. The ML model works on a 3-stage cycle Train-Test-Predict. Optimizing the model by continuously adding data and experience to make predictions more accurate. The solution is self-learning and self-healing in nature which helps in automation of fraud detection (i.e. via unsupervised ML). Download the brochure to know more about the solution.