The insurance industry in its virtually endless battle against fraudulent claims and other scams is increasingly relying on more sophisticated varieties of technology to winnow out crime, experts say.
Insurers, according to industry professionals, are turning to claims scoring technologies to evaluate potentially fraudulent claims, and to predictive modeling to help identify in advance the types of claims that may be suspicious.
Front-end fraud detection tools, for example, will flag claims at initial point of collection, then evaluate them based on a scoring mechanism early in the claims process, said Greg Powers, vice president of sales and business development for Innovation First Notice, based in Newton, Mass.
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