Another year, more text driven ROI

Well it's been a while since my last Blog entry. The good news is that I have not had time to sit down and write - we've been too busy with text analytic pilots. I've participated in several pilots that were as basic as showing a prospect how to find product issues by analyzing their text, and as complex as the detection of general liability fraud. We continue to see a growing interest in "voice" related solutions. We reviewed a companies employee surveys to help understand the sentiment of their employees. We've analyzed call center notes to better understand customer issues. This solution area continues to attract genuine interest in the market. Yet, the solution that intrigues me the most is fraud detection.

 

Why? Because the detection of fraud enabled by the insight in text drops money right to the bottom line. No trouble talking ROI here - and did I mention it's delivered fast! In order to deliver fast ROI, the indicators of fraud must quickly be deployed through the software. These indicators exist both in an analysts head and in the data. In an iterative fashion, we learn from the data and leverage the knowledge of subject matter experts. This process is amazingly fast and enabled by the software. It is NOT your traditional data mining work bench with complicated rules development. This is the truly exciting piece - speed and rapid returns. 

 

We've applied this to workers compensation, general liability and auto. The speed and accuracy of fraud detection has improved dramatically. I'd recommend looking at text if it's fraud you're looking for.