Event Between Dates
Here we will demonstrate how CABAM can be used to identify events that should or should not have occurred between 2 dates. This validates that an event has occurred within a specified and correct time frame. This is done in order to avoid payments being made or received outside of the contract or policy window (resulting in financial losses).
Looking at the scenario presented in the video above, let’s say somebody takes up an insurance policy on one date and they terminate it on another. The rule may state that we are not allowed to claim on a policy outside of these specific dates. This pattern checks that the claim happened between the 2 dates and if it doesn’t, it will mark it as an anomaly.
The claim date for a valid insurance claim needs to be between the “Policy Start Date” and the “Policy End Date”