Background

A global warranty analytics provider wanted to improve its warranty management product, which tracked claims, assessed risk, and detected potential fraud. The legacy system was efficient but lacked the predictive capabilities needed to meet modern demands.

The existing warranty management system could not proactively detect fraud patterns or forecast warranty claims, limiting the company’s ability to deliver value to manufacturers.

Solution

NAVA integrated AI capabilities into the warranty management product, enabling predictive analytics, real-time risk assessments, and automated fraud detection. Machine learning algorithms were trained on historical data, allowing the system to detect patterns and anomalies indicative of fraud. Additionally, NLP-powered chatbots were integrated to assist users with claim submissions and queries, enhancing customer experience.

Results

  • 30% Reduction in Fraudulent Claims: AI-powered fraud detection reduced the number of fraudulent claims, saving the company and its clients millions of dollars annually.
  • Faster Claims Processing: Automation in the claims process led to a 40% reduction in processing time, improving client satisfaction.
  • Enhanced Decision-Making: Predictive analytics provided insights into high-risk areas, allowing the client to offer proactive support and reduce future claims.