Fin-Tech 

 

The insurance market (private, state and health care) is constantly seeking new ways to detect fraudulent claims, identify high-risk clients and improve the underwriting and claims processes.

The credit and loans markets suffer from significant losses. In addition, as more and more loans are shifting to non-bank institutions and Fin-Tech lenders, there is a growing demand for new ways to check the credibility of lenders.

These markets can benefit significantly from using Aletheia to assess credibility for insurance, credit and loans applicants.

Value proposition for insurer:

  • Identify fraudulent claims faster

  • Reduce the workload placed on investigators

  • Investigation cost savings

  • Competitive advantage

 

Value proposition for insured:

  • Faster claims payments

  • Less intrusive process

  • Premium savings

Statistics:

  • $100B - annual losses due to fraudulent claims

  • 2% - claims being referred to special investigators

  • 60% - investigated claims being paid

  • $1.8T - loans by non-bank institutions

  • $55B - annual losses due to bad commercial loans 

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An in-depth and comprehensive Market-Analysis and Entry Roadmap for the US market were prepared in collaboration with the University of Michigan - Ross School of Business.

Fin-Tech Example Use-Case:

Opt-In Claim Filing Process

#1

Customer

Files a Claim

#2

Claim is Being

Examined

#3

Aletheia

Questionnaire

#4

Aletheia

Report

#5

Action:

Pay/Investigate