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Thursday, February 22, 2024

Kooperativa enhances fraud detection with AI expertise 

Czech insurance coverage firm Kooperativa has chosen Resistant AI’s Doc Forensics expertise to enhance insurance coverage claims verification and fight fraud. 

Resistant AI stated the adoption of its AI-powered answer marks a shift from the standard guide verification of paperwork, which is commonly time-consuming and susceptible to human error.  

Its expertise guarantees a extra environment friendly course of, doubtlessly saving each money and time whereas detecting fraud which will go unnoticed by human inspectors. 

Kooperativa, a part of Vienna Insurance coverage Group (VIG), is alleged to carry greater than a 24% market share with annual premiums surpassing Kč47bn ($2.02bn). 

The corporate supplies all frequent types of insurance coverage in addition to a complete vary of companies to people, small companies and main firms. 

Kooperativa’s resolution to undertake superior AI expertise is a part of the insurer’s broader technique to digitalise operations and improve safety measures.  

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This proactive strategy to fraud prevention is essential as the corporate reported investigating greater than 1,000 suspicious insurance coverage occasions in 2023, confirming 450 instances of fraud with a protected worth exceeding Kč137m. 

This determine represents a 30% enhance in protected worth from 2022, the place 500 frauds had been recognized, amounting to Kč107m. 

Kooperativa director of declare division Ondřej Poul stated: “At Kooperativa, we’re taking a progressive strategy to the adoption of AI instruments to enhance the velocity and accuracy of doc verification, in addition to pinpointing tried fraud earlier than it could possibly happen. Resistant AI’s Doc Forensics is the proper answer to make sure a variety of paperwork are reliable and from dependable sources, precisely and at scale.” 

Resistant AI CEO and founder Martin Rehak stated: “We’re happy to work with Kooperativa because it rolls out a brand new digitised strategy to its doc verification processes.  

“Because the prevalence of doc forgeries will increase throughout the entire monetary trade, insurance coverage is especially prone to stylish fraud strategies. In an period the place fraudulent actions typically surpass human detection capabilities, the deployment of AI represents the best technique for figuring out and combatting such deceptions.” 

In November 2023, VIG agreed to purchase an extra 35% stake in its Hungarian unit from Corvinus. 

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