Kooperativa, a leading insurer part of the Vienna Insurance Group, has embraced Resistant AI’s Document Forensics technology to combat fraudulent insurance claims.
The partnership is rooted in the necessity to enhance the accuracy and efficiency of the insurance claims process. Traditionally, the verification of documents has been a manual, time-consuming task prone to errors. By adopting Resistant AI’s Document Forensics solution, Kooperativa aims to automate and refine this process, reducing the opportunity for fraud and expediting claim resolutions.
Kooperativa offers a comprehensive array of insurance services for individuals, small businesses, and large enterprises, covering all standard insurance types. Resistant AI, on the other hand, focuses on employing AI and machine learning for identity forensics, helping to shield automated financial services from fraudulent activities and manipulations.
This initiative is part of Kooperativa’s broader strategy to digitise its processes, a move that has already shown promising results. In 2023, the company investigated over 1,000 suspicious cases, substantiating 450 frauds with a protected value exceeding 137 million CZK (approximately $6m USD), marking a significant increase from the previous year.
Resistant AI CEO and founder Martin Rehak said, “We are pleased to work with Kooperativa as it rolls out a new digitised approach to its document verification processes. As the prevalence of document forgeries increases across the whole financial industry, insurance is particularly susceptible to sophisticated fraud techniques. In an era where fraudulent activities often surpass human detection capabilities, the deployment of AI represents the most effective strategy for identifying and combating such deceptions.”
Kooperativa Director of Claim Division Ondřej Poul said, “At Kooperativa, we are taking a progressive approach to the adoption of AI tools to improve the speed and accuracy of document verification, as well as pinpointing attempted fraud before it can take place. Resistant AI’s Document Forensics is the perfect solution to ensure a wide range of documents are legitimate and from reliable sources, accurately and at scale.”
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
