MSIG Singapore to Deploy Fermion’s AI Tool to Combat Motor Insurance Fraudby Fintech News Singapore February 8, 2023
General insurer MSIG Singapore has partnered with insurance ecosystem builder Fermion to combat motor insurance fraud through the use of an advanced artificial intelligence tool, TrueSight Fraud Intelligence.
MSIG said in a statement that it will be able to rapidly uncover insurance fraud by cross-referencing data points with this new AI solution.
The tool offers, in one glance, the information needed to accelerate the claims management process.
MSIG Singapore expects to automate at least 50% of screening checks with TrueSight Fraud Intelligence, freeing claims staff to focus on higher-value work such as interviewing claimants and assessing more complex claims.
MSIG estimates that the TrueSight Fraud Intelligence solution will save over SG$ 100,000 per annum and with the potential to increase over the years.
The AI model helps to correct such errors by checking every claim against decision rules, reducing the risk of paying out fraudulent claims.
“The sheer number of claims processed daily, coupled with their interconnectedness, makes it a huge challenge for insurers to detect fraudulent activities. In the past, it has taken a combination of industry and in-house efforts to uncover fraud.
We believe that using a well-designed AI tool will enhance our success in combating fraudulent claims and help to reduce the cost of fraud,”
said Sam Tan, Senior Vice President and Head of Claims Services at MSIG Singapore.