Friendly’s advanced AI and deep learning algorithms allow for more than just fast and accurate automated workflows; we also help our clients learn a thing or two about their business by gaining strategic insights from their most valuable commodity: data.
It’s well known that insurance fraud is a massive problem – abuse, waste, and error cost the industry tens of billions annually. And frustratingly, trying to fight back is labor-intensive and expensive. Friendly can help: we act fast to address this important concern, scanning every inch of case data and cross-referencing against multiple databases to immediately identify discrepancies and repeat offenders, recognize complex deception patterns, and flag suspicious activity for live review.
Organizations seek to maximize their competitive advantage whenever possible, and Friendly is providing new ways for leaders to understand where potentially hidden advantages may be found. For example: our new business automation service enables our partners to assess their quoting strength against their competition – in near real time - through DEC page analysis. Our ability to shine a light on historically dark data is a potential game-changer for companies trying to separate themselves from the pack.
Another potential application of Friendly’s technology with major implications is in the realm of data analytics for probability and projection. For example: through extraction of medical documents during an initial claim submission and analyzing specific patterns of behavior or symptomology, we can help our carrier partners predict with a high degree of accuracy which short-term claims are likely to transition to long-term cases; this in turn can lead to higher confidence for financial planning and risk management.