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Fraud Analytics

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Challenges

“Help you identify the highest risk areas and apply data mining with a focus on short-termed ROI”

Insurers strive to reduce the cost of handling claims by tackling fraud efficiently. Unfortunately, fraud is on the increase and organized criminals see the insurance industry as a low risk/high gain market.

  • 75% of insurance companies estimate that fraud increase the last 3 years
  • 40% consider there is up to 10% of total indemnities paid to undetected fraudulent claims
  • 90% consider that their fraud detection systems cannot handle the current complexity of fraud
  • The rise of mobile and internet channels are exploited by fraudsters

Solutions

Fraud Risk Analytics

A growing number of insurers are uncovering the secret of data and the role analytics can play in reducing the cost of claims.

By leveraging our combined knowledge of fraud advisory, analytics and information management, we:

  • offer initial assessment services to demonstrate a business case
  • create a positive Proof of Concepts before making any further investments
  • achieve return on investment (ROI) within the first 6 months of full production
  • predict when, where and how fraud will impact your organization

 

Services

Initial Readiness and Maturity Assessment

After a free discovery workshop, brainstorming together to define a suitable scope and achievable objectives, we can deliver an initial maturity assessment.

This assessment can be done after major fraud event(s) or in anticipation of a fraud reduction roadmap.

Deliverable would be a suggested phased Action Plan, without the need to embarking in huge transformation programs.
 

Fraud Management System

Your business knowledge and our competences can be embedded in a tool that will combine:

  • Predictive data modelling technology
  • Subject matter expertise
  • Information management capabilities
  • Social Network Analysis
  • Case Management and Feedback Loop