Cogitate CFNA combines ultra-modern technologies to help a claims team identify potentially fraudulent claims as they are reported. Using the claim information, Cogitate CFNA generates a fraud network map, including various parties (individuals and service providers) that may be involved in possible fraud. It also provides a fraud probability score along with supporting fact-based evidence, which help determine further actions to prevent substantial losses caused due to a delay in fraud detection or fraudulent claims not being detected at all.
Cogitate CFNA uses artificial-intelligence-based complex algorithms and neural networks to identify fraudulent claims, based on the information provided in a claim. Scoring algorithms of CFNA use historical and other claims data to generate the fraud probability score of a claim and predict probability of fraud. Machine learning and deep learning models allow CFNA to learn new patterns of fraud and protect against future risks.
“In the rapidly changing insurance industry, insurers are turning to digital business models to stay relevant and competitive. Digitalization of insurance is no longer a differentiator but has become table stakes to fulfil new customer demands. Insurers are looking for modern technologies to build out their digital ecosystem and transform the customer experience - for both channel partners and customers. Critically, these kinds of systems must integrate seamlessly with existing core insurance systems and have pre-integrations with third party data sources and insurance services. Many insurers are looking for a microservices-based architecture to drive flexibility and speed of implementation.”
“Cogitate Demand Management solution has so many features and benefits. We have significantly enhanced control over attorney demand claims exposure with this software. Demand Management solution helps us to ensure that no demand or a subsequent deadline is missed which can lead to bad faith. This is truly ‘sleep insurance’ for me when it comes to attorney demand letters. It’s an incredibly valuable tool for me as the Claims Vice President.”
“Cogitate Digital Insurance solution has enabled us to extend our channel reach. This powerful platform has helped us become more competitive by improving our speed to market & customer experience. Additionally, we have experienced a significant decrease in our cost structure. I highly recommend Cogitate as we’ve experienced their expertise in insurance and technology.”
“Our agency is constantly looking for ways to stay ahead of the curve when it comes to technology. Thanks to Cogitate, our agency is now in the palm of our customer's hand 24/7. The many features included in our app has made it a favorite among our customers and has helped us to continue to offer comprehensive support to our customers regardless of what time of the day it is or how near or far they are from one of our agencies. The Cogitate app brings our agency to them.”
“Cogitate Digital Insurance has helped us to digitalize our personal property lines business and build an omni-channel ecosystem for our channel partners to connect with us seamlessly. We currently are writing policies for Homeowners and Mobile Home insurance through this platform. It is integrated with our existing systems including AIM and ImageRight. This allows our agents and underwriters to easily access the required information whenever they need. It is full of brilliant features such as ‘Quote in a Minute’, Customer E-signature verification, Post-sale Services workflow and built-in Property Analytics tools. Personal Property insurance platform has quickly become one of the pillars of our digital business initiatives.”
The most crucial aspect of fighting claims fraud is early detection. With the automated backend processing of Cogitate CFNA, fraud probability scores and network graphs are generated at the First Notice of Loss (FNOL) stage. The intelligent engine of CFNA constantly keeps analyzing new information throughout the claims life cycle and keeps the scores and the network graph updated. This ensures extremely fast detection of fraudulent claims and close scrutiny at every stage.
Faster settlement of claims ensures enhanced customer satisfaction. Cogitate CFNA assists in segregating fraudulent and non-fraudulent claims, which is crucial to help adjusters settle non-fraudulent claims faster and refer the fraudulent claims to the Special Investigation Unit (SIU) at a very early stage. This approach helps in streamlining operations and improving the overall cycle time for claims settlement, thereby realizing significant savings in operational costs.