In the past decades several solutions have been developed to detect and alert fraud cases in the insurance sector. Based on insurance experts estimation the 10-15% of all the claims can be fraud cases. The claim experts have huge amount of data to decide which claim can be fraud, but the analysis demands deep mathematical and database knowledge. The Spicy Analytics solution includes data mining and network theory algorithms to find the fraud cases in the database. This solution is also suitable for car and property fraud cases.
PRICE SENSITIVITY MODEL
Right pricing in the business sector is essential to ensure companies profitability. But the product profitability and the sales probability induce contrary effect on the price of the product. While a lower price can induce higher sales probability but decrease the product profitability, the higher price can cause contrary effect. Our price optimisation function detect the price-optimum, where the gross margin will be the highest. The self-learning algorithm is able to react to the constantly changing market.