For every insurance company, efficient claims processing and the ability to detect fraud are paramount. Brandt-Singleton helps insurance companies to streamline their new claims process, which is by nature a labour-intensive job where risk management and compliance are a top priority. With help from Yarado, Brandt-Singleton enabled their clients to detect fraudulent claims much faster and process claims with greater accuracy. Furthermore, claims have now been pushed into a dashboarding system, providing full visibility into the fraud detection analysis.
In order to detect and keep track of fraud, new claims need to be moved from the claim system into two separate systems: a fraud detection tool and a dashboarding tool. Transferring claims from one system to the other requires manual effort. Information about each claim (such as event time and name of policy holder) is inserted in the fraud detection system by hand, which is time consuming and creates errors. To make matters even more complex, the corresponding fraud assessment has to be fed back into the dashboarding tool again.
Prior to working with Yarado, Brandt-Singleton's clients invested considerable time and effort in manually moving claim information between the separate systems.
With the help of Yara’s software robot, the fraud detection system and dashboarding tool are now updated automatically. As a result, claims are processed faster than ever before, while Yara makes sure that clients are compliant at all times and dispose of accurate reports for risk assessment, among others. As manual transference of information is no longer necessary, staff members are able to focus on higher value work – such as deriving insights from dashboards and engaging with customers.