Title: Kooperativa Boosts Fraud Detection with Resistant AI’s Document Forensics in Czech Insurance Industry
Kooperativa and Resistant AI Partnership
Insurance giant Kooperativa has teamed up with Resistant AI, a leading financial crime prevention specialist, to adopt the Document Forensics solution for strengthening claims document validity in the Czech insurance industry.
Bolstering Document Verification and Reducing Fraud
The Czech Republic’s largest insurance company, Kooperativa - part of Vienna Insurance Group, aims to streamline document verification processes and reduce fraud by implementing advanced AI technology. With fraudulent activities escalating in the financial industry, insurers like Kooperativa are increasingly vulnerable to sophisticated fraud techniques. AI-assisted detection offers an effective solution for detecting such deceptions.
- Almost 1,000 suspicious insurance events investigated in 2023
- 450 cases of fraud detected, with a total value of over 137 million CZK ($6m USD)
- Protected value increased by 30% compared to 2022 when 500 fraud cases worth 107 million CZK ($4.7m USD) were uncovered
Embracing AI for Enhanced Document Verification
By incorporating cutting-edge AI tools, Kooperativa seeks to expedite document verification processes, minimizing errors and pinpointing potential fraud before it occurs.
Quotes from Collaborators
Martin Rehak, CEO and Founder of Resistent AI
“It’s a pleasure to collaborate with Kooperativa as they pioneer the use of AI to strengthen their document verification processes in the insurance sector. In an era where human detection capabilities are surpassed by fraudulent activities, the employment of AI becomes a potent strategy for identifying and combating document forgeries and other deceptions.”
Ondřej Poul, Director of Claim Division at Kooperativa
“We are embracing AI technologies to enhance the accuracy and efficiency of document verification while preventing fraudulent attempts at scale. Resistant AI’s Document Forensics ensures the legitimacy of a broad range of documents, ensuring a smoother and speedier claims process for our customers.”
More about Kooperativa
Company Information
Kooperativa, a universal insurance provider, operates in the Czech Republic offering various products for individuals, small businesses, and large corporations. With annual written premiums exceeding 47 billion CZK and a market share of over 24%, Kooperativa manages approximately 4.7 million contracts for close to 2.5 million clients. The company has a presence in over three hundred sales locations across the Czech Republic and also serves its clientele through the network of its strategic partner, Česká spořitelna.
Vienna Insurance Group
As a constituent of Viena Insurance Group, the organization is part of Europe’s most extensive insurance conglomerate, which boasts a rich history spanning 195 years. The Vienna Insurance Group’s shares are traded on both the Vienna and Prague Stock Exchanges.
About Kooperativa and the use of Resistant AI’s Document Forensics to combat fraud in the insurance industry.