An Insurance Company Achieves Dramatic Results with DataWalk

The Challenge

The insurance provider was under increasing pressure to boost its anti-fraud capabilities while also enhancing operational efficiency and key performance indicators. Despite existing efforts, the company faced several critical challenges that limited its ability to fully optimize its fraud detection and investigation processes. These challenges included:

• Enhancing Anti-Fraud KPIs: Improving both detection and acceptance rates to better identify criminal activities and ensure accurate claim assessments.
• Data Silos Slowing Processes: Fragmented data across systems created delays in detection and investigations, demanding a unified approach to accelerate workflows.
• Lack of Automation: Manual processes in claims management were inefficient, highlighting the need for automated decision-making to streamline operations.
• Predictive Fraud Detection: The absence of advanced tools, such as network analysis and AI, limited the company's ability to proactively detect fraud and anticipate evolving schemes.
• Dependence on External Scoring Calibrations: Reliance on third-party support for scoring calibrations restricted agility and delayed response times.
• Investigation Inefficiencies: Analysts lacked the tools to perform in-depth fraud investigations effectively, reducing their capacity to uncover complex fraud networks.
• Deriving Value from Relationships: The company struggled with fragmented data, which hindered its ability to analyze data relationships and slowed the detection of organized crime networks.

DataWalk is essential for fraud investigations, anti-money laundering, and due diligence. It speeds up processes significantly, allowing for quick rule adjustments and scoring exports to the core system. Without DataWalk, everything would take much longer. ~ Director of Security, Department of Prevention

 

The company recognized the need for a transformative solution—one that would not only address these pressing issues but also future-proof its anti-fraud operations.

The Solution

The company partnered with DataWalk to revolutionize its anti-fraud operations, creating a transformative system that delivers agility, deep insights, and seamless scalability for tackling fraud. By leveraging the platform's advanced capabilities, the company has redefined how fraud detection and investigations are conducted.

Highlights of the Solution:

• A Unified View of Fraud On A Single Pane Of Glass
  By integrating all data into a powerful Unified Knowledge Graph, DataWalk enables the company’s analysts to uncover hidden connections between claims, vehicles, people, addresses, contracts, email addresses, and phone numbers. This comprehensive 360-degree view aids analysts in quickly identifying and neutralizing complex fraud networks.
  
  

It’s where I have all the data required for my investigation. I can easily see relationships between data sets and get results quickly. ~ fraud analysts

• Unparalleled Efficiency
  The DataWalk platform significantly accelerates processes that previously took months, enabling faster fraud detection and resolution.
  
  

We export scores from DataWalk to the core system. Implementing changes in DataWalk takes little time, making everything much faster. ~ fraud analysts

• Seamless Expansion and Adaptability
  With DataWalk, the company effortlessly adds new data and use cases, such as anti-money laundering and enhanced due diligence, without requiring significant effort.

DataWalk is perfect for clients like us, where we want a solution that will change a lot, add new data, and tune it with ease. ~  fraud analysts

• Empowering Analysts with a No-Code Interface
  The intuitive no-code interface empowers analysts to explore data, generate no-code hypotheses, and adapt swiftly to evolving fraud tactics.
  
  
• Revolutionizing Investigations
  By leveraging network analysis and AI-based techniques, the company now operates with greater foresight and precision, transitioning from reactive responses to proactive fraud prevention.
  
  
• Efficient Architecture
  DataWalk performs computations directly where the company's data resides, minimizing data movement and complexity. AI/ML, graph analysis, and search run on a single computation component, ensuring efficiency and cost-effectiveness.

The Results

The partnership with DataWalk has delivered different analytical products that speed up analysis, making the work of investigators easier and more efficient:

• Accelerated Analysis: Investigations are now 3x faster, with a unified 360-degree view ensuring no critical connections are missed.
• Hypothesis Testing: Instant querying and filtering eliminate hours of manual effort, enabling rapid validation of hypotheses.
• AI and Graph Integration: Advanced AI and graph analysis deliver unified risk scoring, prioritizing high-value, high-risk cases effectively.
• Streamlined Triage: A centralized dashboard consolidates all claim details, reducing triage time and speeding up decision-making.
• Future-Ready Fraud Detection: Predictive models adapt scoring dynamically, achieving an acceptance rate exceeding 70%.

DataWalk delivers breakthrough results for accurately detecting suspicious claims! ~  Director of Security