NH Nonghyup Life "Enhancing Insurance Fraud Analysis System Using Artificial Intelligence"

[Asia Economy Reporter Changhwan Lee] NH Nonghyup Life Insurance announced on the 18th that it has completed the advancement of its insurance fraud analysis system and will launch the new NFAS (Nonghyup life insurance Fraud Analysis System) starting from the 23rd.

NFAS is a system developed by NH Nonghyup Life Insurance for managing and analyzing tasks related to insurance fraud.

NFAS expands risk factors to quantitatively measure the likelihood of fraudulent claims and abnormal signs in detail. By introducing ML (Machine Learning) utilizing artificial intelligence (AI), it learns cases of insurance fraud and fraudulent claims, quantifies similar patterns, and provides them as targets for analysis and investigation.

Various scenarios aligned with new insurance fraud trends have also been developed to expand the scope of analysis. It is now possible to target and analyze suspicious groups by deriving similarities such as hospital usage patterns and hospitalization periods for unspecified many individuals.

A visualization solution has also been introduced, making it easier to secure data necessary for insurance fraud analysis. It enables multifaceted unstructured analysis by linking multiple analysis targets and adds a function to visualize and intuitively derive analysis results.

Kim Intae, CEO of NH Nonghyup Life Insurance, said, "With the advancement of the insurance fraud analysis system this time, the accuracy of predictive analysis for insurance fraud is expected to improve significantly," adding, "We will strive to detect insurance fraud in advance and reduce improper insurance payments so that real benefits can be delivered to customers."