Fraud losses represent a systemic and increasingly convoluted risk affecting the profitability of every insurance company.
Traditional fraud detection methods and systems struggle with the complexity and speed of emerging organized fraud schemes. Insurers need a new approach to monitor customer behavior across multiple claims and lines of business. By combining multiple detection techniques, analytics and reporting, insurers can decrease fraud losses, reduce false positives and improve investigator efficiency.
|Today's fraud landscape
Today's fraud trends and schemes are not those of 10 years ago. More advanced technology available to both insurance carriers and consumers has given rise to fraud that is much more inscrutable — schemes that are harder to detect with the human eye or by a single detection approach alone. Insurance claim fraud detection techniques are critical to combating the issue, but any one technique alone can cripple an investigation unit with false positives.
Related: The changing face of fraud
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