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Alphalake AI automates KYC process

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.

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