One-stop panacea to fraudulent claims/ Faster results, fruitful investigations
Healthcare insurance fraud encompasses a wide range of illicit practices including fabricating diagnoses, overstating claims, identity thefts, non-disclosures on pre-existing diseases, false documentation, etc. The development of a safe, high-quality, and cost-effective healthcare system requires effective ways to detect fraud. 
NEC’s Health Insurance fraud analytics solution helps insurance companies combat fraud with effective claim segmentation and accurately analyzing the signs of fraud before a claim is paid, thus improving the percentage of genuine transactions, increasing customer satisfaction, and significantly reducing the costs associated with fraud claims investigation.

AI and machine learning to cut fraudulent claims
Auto insurance fraud is one of the most predominant insurance frauds, causing insurers to lose billions each year. This type of fraud entails someone deceiving an insurance company about a claim involving their personal or commercial motor vehicle. It can involve giving out misleading information or providing false documentation to support the claim. 
Powered with artificial intelligence (AI) and Machine Learning(ML), NEC Auto Insurance Fraud analytics solution offers a proven end-to-end solution to detect, prevent and manage frauds across the auto-insurance industry.

‘Personalized’ moments for customers interactions
In recent times, customers prefer a customized solution for their specific requirements and utilize the digital features of banking as per their needs. Moreover, banks, too have realized the economic advantage of personalization which can bring in considerable cost reduction by providing diverse cutting-edge products with AI, ML, and big data capabilities. 
At NEC, we present cutting-edge AI-powered proprietary platforms that enable focused customer targeting by presenting a suite of products satisfying the client's risk profile and investment goals.  We employ the Customer propensity module to identify a customer's likelihood to purchase and augment it with a robust product affinity module to recognize the most likely purchased products.

Detect and Combat identity thefts with ease 
Unlike traditional identity thefts, synthetic identity fraud involves using true personal identity/social security numbers in conjunction with a fake identity (created by utilizing multiple genuine records) to create an overall fraudulent identity. Frequent data breaches mean your information may already be exposed. In this new reality, it’s smart to take steps to prevent malicious actors from using your personal information and ruining your financial life.
NEC has built a superior identity theft detection mechanism that detects synthetic identities, even before fraud is committed. It utilizes optical intelligence, deep facial recognition, Natural Language Processing (NLP), and AI & ML learning technologies and identifies potent risks through aggregate scoring. The cumulative scores could be used by the review department.

Mitigating risks and preventing fraud
In retail, frauds could originate from various sources such as customers, people pretending as customers, hackers, or external criminals. Vulnerabilities in payment services have increased as the shift to digital and mobile customer platforms accelerates. New solutions have also led to payment transactions being executed more quickly, leaving banks and processors with less time to identify, counteract, and recover the underlying funds when necessary.
NEC’s retail fraud analytics solution enables retail banking institutions to combat card fraud by analyzing immense volumes of historical and current transaction data to understand buyer motivations and identify anomalies (suspicious activities that deviate from the norm). By applying deep learning and AI algorithms, the solution extracts numerous attributes for each transaction and analyzes millions of data points to keep the sales secure and transparent.

AI-Powered Technology to Protect Crop Yield in Real Time
Crop Parametric insurance is a type of insurance that offers farmers insurance plans based on predefined parameters and triggers, rather than actual losses.
By leveraging local data and information that is familiar to the farmer, NEC's AI-enabled Crop Parametric Insurance Solution offers weather coverage triggered by real-world climate events to deliver a transparent and scalable insurance plan to the farmers. 
The solution will also provide farmers and insurers with real-time updates on the soil moisture, weather, yield, and insurance payout situation.

Detect and Combat identity thefts with ease 
Unlike traditional identity thefts, synthetic identity fraud involves using true personal identity/social security numbers in conjunction with a fake identity (created by utilizing multiple genuine records) to create an overall fraudulent identity. Frequent data breaches mean your information may already be exposed. In this new reality, it’s smart to take steps to prevent malicious actors from using your personal information and ruining your financial life.
NEC has built a superior identity theft detection mechanism that detects synthetic identities, even before fraud is committed. It utilizes optical intelligence, deep facial recognition, Natural Language Processing (NLP), and AI & ML learning technologies and identifies potent risks through aggregate scoring. The cumulative scores could be used by the review department.