How IQZ Systems Revolutionized Insurance Fraud Prevention with Denodo APIs

Overview

The customer, a prominent insurance provider, found themselves grappling with the daunting challenges posed by insurance fraud, which costs the insurance industry a staggering $308.6 billion a year.

Business Challenges

• Missing Insights from Unstructured Data: The customer was struggling to extract valuable insights from a sea of unstructured data, making it difficult to detect fraudulent claims accurately.

• Lack of Quality Data: Quality data is the lifeblood of insurance operations. Unfortunately, the customer was facing issues with data quality, which further exacerbated their fraud detection challenges.

• Scalability Issues: As the volume of insurance claims grew, scalability became a significant concern. Manual processes and legacy systems were struggling to keep up with the demand.

• Need for Business User-Driven Solutions: The customer recognized the need for solutions that empowered their business users to make informed decisions backed by data-driven insights.

IQZ's Solutions

Adoption of modern cloud-native technologies has streamlined connectivity to Denodo APIs with advanced authentication protocols, while leveraging Terraform code enables agile scalability, reducing provisioning time to under 20 minutes regardless of node c

• Unlocking Insights from Unstructured Data: Our advanced data analytics tools effectively harnessed unstructured data, providing the customer with a clearer picture of potentially fraudulent activity.

• Data Quality Enhancement: Through cutting-edge data cleansing and enrichment processes, we helped the customer improve data quality, resulting in more accurate fraud detection.

• Scalability Solutions: We provided scalable solutions that seamlessly integrated with the customer's existing systems, ensuring that they could handle increased volumes of claims efficiently.

• Empowering Business Users: By developing intuitive, user-friendly interfaces, we allowed the customer's business users to access actionable insights and make informed decisions swiftly.

The Results

• The shift to a cloud-based solution not only reduced operational costs but also provided the flexibility needed to respond to changing market dynamics.

• Artificial intelligence-driven operations increased operational efficiency by 20%, with continuous improvement.

• Through machine learning, we delivered better predictive models, enabling the customer to stay one step ahead of fraudsters.

• Business user GUI-driven solutions empowered the customer's teams to explore data and develop models independently​