Anti-fraud technology has become an integral component in insurers' fraud-fighting arsenal. In fact, when coupled with collaboration amongst SIU, claims, law enforcement, and other entities, such technology may represent the most powerful weapon in combatting organized criminal empires in particular.
Yet, even though insurance carriers are eager to both adopt and utilize anti-fraud technology in increasingly creative and sophisticated ways, they face major challenges impeding successful deployment. To delve deeper into these obstacles and the current relationships between carrier and technology, the Coalition Against Insurance Fraud with the help of SAS conducted a study of 74 insurers.
Overall, the results of the inaugural study have been encouraging, including the fact that close to 90 percent of the insurers surveyed are at least using basic analytic tools such as automated red flags, claims scoring, and link analysis. This, however, means that 10 percent of study participants are not incorporating technology in their fraud programs.
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