Alphalake AI automates the KYC process Launches AlphaUID Validator -a revolution in Fraud Prevention
Alphalake AI, a prominent provider of process automation and workflow integration services for health and business services, has announced the launch of its latest innovation, the AlphaUID Validator. This groundbreaking tool is engineered to fortify verification processes, ensuring the genuineness of consumers and effectively combating fraudulent insurance claims and financial deception.
According to an Insurance Fraud Survey conducted by a leading consulting firm the Indian insurance sector has witnessed a substantial surge in fraudulent activities within the life and health insurance domains. Reports suggest that 15% of all insurance claims are fraudulent, with these claims amounting to almost INR 900crore. The leading contributors to these fraudulent claims are increased digitisation and weakened controls. Fraudsters work with digital manipulation of documents, fake identities, and online submission of fraudulent claims are some tactics used. This has prompted Alphalake AI to launch the AlphaUID Validator. This solution leverages proprietary algorithms to swiftly and accurately authenticate users using the Aadhar Unique ID issued by the Government of India.
The AlphaUID Validator harnesses technology to verify the identities of claimants promptly and precisely, significantly reducing the time and effort typically associated with manual authentication procedures. This not only facilitates prompt resolutions but also maintains the integrity and confidentiality of the data and the validation process.
Alwin Fernandes, Director of Operations at Alphalake AI, commented, “As businesses evolve digitally, there are newer ways fraudsters use to exploit loopholes in the system. We at Alphalake AI, understand the significance of seamless technology integration. We are committed to crafting solutions that address the evolving challenges encountered by these industries through incorporation of advanced technologies and proprietary algorithms. The launch of our AlphaUID Validator is aimed at empowering organizations to counter fraudulent activities and enhance consumer trust proactively.”
The Indian insurance sector is at the cusp of a digital revolution, and like any other sector, it is compelled to re-invent itself to introduce faster turnaround times to customers and providing them with a technology empowered experience. Alphalake AI’s AlphaUID Validator ensures that the validation process is completed in the quickest time possible while at the same time ensuring compliance with data protection confidentiality regulations and statutory obligations.
As businesses worldwide seek innovative avenues to strengthen their authentication protocols and mitigate financial duplicity, the AlphaUID Validator emerges as a resilient solution.
About Alphalake AI
We are a team of technologists who are passionate about healthcare. Brought together through a shared belief that technological advancement is a force for good, in human endeavour and our very evolution. We believe there is nowhere this is more evident than in health.
We are sitting on the cusp of a defining era in history. As Ai and automation combine with the rise of digitisation and health consumerism, this will usher in a new dawn in our understanding of human health and delivery of healthcare and human services.
Our services and toolset are geared to positively disrupt and transform healthcare and human services to drive better quality whilst improving operational efficiency.
Alphalake Ai brings the world’s best technology into healthcare, enabling the sector to benefit from global, cross-industry innovations.
We work to an 80/20 model where 80% of our business is in healthcare, but 20% is in highly innovative and efficient business sectors like Technology and Logistics. This is deliberate as it allows us to stay abreast of innovation, technology and market disruptors that can then be used to help healthcare modernise and benefit from the same levels of efficiency-enabling and experience improving innovation.
