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Five Steps To Better Fraud Detection

Though predictive modeling has long been considered a natural fit for claims fraud detection, results have been mixed. To better utilize this powerful tool, insurers must examine past flops and build a stronger defense.

By James Ruotolo | Updated on September 18, 2013

For years, the insurance industry was a leader in the field of business analytics. In the early days, this referred primarily to descriptive analytics, like reports, dashboards and scorecards.

Regardless of the complexity or level of functionality introduced by new business intelligence tools, these analytical solutions had one major flaw: They were always backward-looking. They could only tell a story about what had happened in the past.

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