As financial crimes like fraud get more sophisticated each year, so too must the intelligence needed to combat them. It’s a cat-and-mouse game that causes most systems to go out of date fast, forcing investigators to do much of the automatable work manually and causing report backlogs to increase every day.
When both the problem and the solution are continuously evolving, you need a new kind of AI that continuously updates so you can stay one step ahead.
Fraud is an industry-wide problem that now accounts for nearly 40% of all crimes. In the UK alone, insurers detected 89,000 dishonest insurance claims in 2021, valued at £1.1 billion, with motor insurance claims being the most common.
Crimes are getting more advanced every day and it's harder than ever to identify fraudulent behaviour.
Mind Foundry builds customised fraud detection and prediction solutions based on our customers' specific requirements that can't be met by any off-the-shelf solutions. The Mind Foundry Platform empowers claims experts to identify, prioritise, and investigate fraudulent activity.
The solution accelerates the investigator’s ability to generate reports and close cases by integrating with external data sources, like Guidewire, and ingests years of data, including millions of unstructured documents underpinning fraud ring detection. It automates the prioritisation of each case, using new and previously learnt features, including hand-written notes, phone numbers, registrations and more.
The most relevant claims get flagged and prioritised in an investigations dashboard, so our customers can resolve them in order of the likelihood that they contain actual instances of fraud. Other search features uniquely relevant to the fraud case are available in the handler's view, accelerating the ability to close each investigation quicker, accompanied by reports, supporting evidence, and investigator notes, all of which were previously accessed through a disparate set of tools or not accessible at all.
As new patterns emerge, using a Continuous Metalearning capability, the solution automatically and continuously integrates data back into the model to improve performance over time rather than suffer model drift, misalignment, or other modes of failure associated with model deterioration over time. New risks can be effectively governed while enabling the model to learn new types of fraud in production, meaning no manual retraining is needed to continuously adapt, optimise operations and learn with AI.
Mind Foundry’s fraud solution enabled AND-E to improve fraud detection by 120% within the first month of adoption, compared to our traditional system. We expect this to continue improving as the model continuously learns and we expand our partnership. This is hugely beneficial to both AND-E and our customers, helping us to eliminate more fraudsters and become more competitive by reducing the cost of fraud being passed onto our customers.
Chief Underwriting Officer