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AIPF BFSI Solutions

Transforming BFSI with AI & Analytics

The digital transformation of the world has led to a complete overhaul of traditional models of operations across diverse sectors especially the banking, finance and insurance industry. From fraud detection to customer-centric operations, AI powered data analytics is taking the finance sector by storm.


AI- led analytics help collate and analyse data extraordinarily faster, making it easy for BFSI companies to determine the best products for customers, determine their identity  & credit-worthiness and rule out fraud, thereby accelerating growth.

Fast-track growth with NEC BFSI Solutions

NEC presents a comprehensive suite of solutions that address a variety of use cases and business challenges across industries. Leveraging cutting-edge technologies, processes and frameworks, NEC enables organizations to analyse huge volumes of data, build predictive algorithms and extract meaningful insights.

Health Insurance Claim Fraud Analytics

End-to-end solution for preventing, detecting and predicting claim frauds

India is one of the fastest growing economies in the world, with a burgeoning middle class, and a significantly increasing demand for health insurance products. However, with this exponential increase in the industry, there has been a drastic increase in fraudulent practices. Healthcare insurance fraud encompasses a wide range of illicit practices including fabricating diagnosis, overstating claims, identity thefts, non-disclosures on pre-existing diseases, false documentation etc. These illegitimate transactions are not only seriously detrimental towards the insurers but also the broader society that pays a higher premium to account for such losses.

Conventionally, insurers used to rely on the expert judgements of medical professionals to detect and prevent frauds. However, with the increase in the number of claims and greater sophistication of fraudsters it has become difficult to manually scrutinize claims and ensure accuracy

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.

Auto Insurance Claim Fraud Analytics

Combat auto-insurance fraud with effective claim segmentation and accurate fraud analysis

Auto insurance fraud is one of the most predominant insurance fraud, causing insurers to lose billions each year. Conventionally, insurance firms have been relying on expert judgements of special investigation units to detect and prevent frauds. However, with the increase in number of claims and sophistication of fraudsters, manual techniques are not effective anymore.

India spent USD 6.25 B as insurance fraud in 2019. 90% of this fraud was into motor insurance
Source – India Forensic Study

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.

Product Recommendation System

Drive high conversion rate and Increase Customer Satisfactions with Hyper Personalized AI Recommendation Engine

In this highly competitive business world, gaining customer’s loyalty and offering them best of services and products, based on their needs and preferences, is the need of the hour. A shift towards digital banking has enabled banks to offer a dozen services to its customers. However, this brings the challenge of information overload that might be difficult for many customers to deal with. For this reason, the need for personalization which can help customers find their product of interest at the right time is felt more than ever. This brings the need for banks to deploy an appropriate recommender engine based on existing data and everyday customer touchpoints that could go beyond suggesting the “next-best offers” and proactively present the most relevant financial product to the customer.

At NEC, we understand these challenges faced by banking and financial institutions and present cutting-edge AI-powered proprietary platforms that enable focussed 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.

Synthetic ID Fraud Detection & Prediction System

Combat identity thefts with ease with intelligent analytics and AI-based solutions

Synthetic identity fraud is one of the fastest-growing crimes today, accounting for a significant share in credit losses across institutions. 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. These identities are then used to apply for credit cards, buy car and luxury items, avail loans, or mortgage properties. This combination of fake and real information makes identifying and preventing such frauds extremely challenging for organizations, thereby putting billions of dollars in collectible debt risk for banks and financial institutions.

NEC understands the challenges faced by financial institutions and has built a superior identity theft detection mechanism that detects synthetic identities, even before a 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

Retail Banking Fraud Analytics

Mitigating risks and preventing retail banking frauds with ease.

Fraud detection and prevention is important for retailer bankers determined to prevent losses and build customer trust. In retail, frauds could originate from various sources such as customers, people pretending as customers, hackers or external criminals. However, the most prominent of the frauds involves fake/stolen credit and debit cards. According to a recent study, by Nielson, Losses from fraud involving cards used for payment worldwide reached $27.85 billion in 2018 and are projected to rise to $35.67 billion in five years and $40.63 billion in 10 years. Analysis of transactions and activities such as purchasing, accounts payable, POS, sales projections, warehouse movements, employee shift records, returns, store level video and audio recordings, and other data across your company can help you to identify fraudulent activities and develop suitable priorities for management and investigation.

NEC’s retail fraud analytics solution enables retail banking institutions combat card frauds 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 analyze millions of data points to keep the sales secure and transparent. This technique, helps reveal hidden patterns that a human led interaction would have found difficult.

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