Using Analytics to Prevent Insurance Fraud
The idea that just a small percentage of applicants misrepresent details to reduce auto insurance rates was recently debunked by Co-Operative Insurance, which found that 41% of policyholders deliberately lie when completing policy applications, and 61% would consider doing so in the future.
Dennis Jay, Executive Director of the Coalition Against Insurance Fraud, says, “Application fraud traditionally has been the poor cousin of claims fraud, receiving little attention and not being fully understood. Forward-thinking insurers are developing new strategies and employing new tools to not only detect underwriting fraud, but to prevent it as well."
This white paper will cover the different types of underwriting fraud and discuss how insurance companies are implementing best practice technology and analytics to ensure rating integrity and prevent billions of dollars in premium leakage.
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