Beijing Yuandudu Technology, an AI anti-fraud platform, announced that they won about 10 million investment from Incapital today. The investment will mainly be used in InsurTech development, technology innovation and team expansion.

The risk control issue in insurance industry has become the focus of national attention. CIRC released a regulation regarding all the insurance companies must possess and provide anti-fraud mechanism by April 2018. But in real practice, insurance companies feel incompetence in more than 20% fraud cases. The industry is in urgent need of feasible solution.

Beijing Yuandudu Technology built an AI platform, providing risk control management solutions by analyzing massive fraud scenario, based onInsurTech, big data, cloud calculation, and blockchain technology, Insurance companies are not only able to identify the fraud cases precisely by using their anti-fraud system, but also reduce the cost by using their anti-leakage system.

Along with the reform of auto insurance, insurance companies will give up some profit to the consumers, and deduct the rate of automobile premium. This will bring a great impact to the original structure of cost. More and more insurance companies have begun to look for the way out of reducing claim cost, in order to improve overall profitability. Under this circumstances, Yuandudu Technology thinks its products can help insurance companies to increase their efficiency and lower their cost.

Incapital, the investor, also expressed that as more Internet insurance companies are being established, the cost of operation and sales for traditional insurance companies are increasing. The only part can be reduced is the repair cost. Incapital believes Yuandudu’s team and product can provide a good solution in anti-fraud area.

As the source shows, Yuandudu’s founding team includes AI scientist from Silicon Valley, and experts and elites from Chinese insurance industry. All members are very experienced in auto insurance.