Tag Archives: insurers

High-performance analytics: Big technology for big data fraud detection

High-performance analytics

Insurers have access to big, big data – social media interactions, unstructured text, machine-to-machine (M2M) data, and visual media content like photos and videos – but these sources have been overwhelming. They’re too large and change too quickly to be helpful in traditional fraud scoring. Replace overnight batch processing with high-performance analytics.

Also tagged |

Why do insurers fail?

piggy bank with medical gear

No industry is immune to failure, and over the past few decades, there have been several examples of significant insurance company failure. Long before the financial crisis emerged in 2008, it had been recognized that existing risk management and solvency regulations were inadequate. Solvency II is probably the most ambitious financial services legislation ever implemented. It will completely change the measurement of the financial stability of European insurers.

Also tagged |

Fighting organized insurance fraud

Organized insurance fraud

A recent study conducted by the Coalition Against Insurance Fraud and SAS points out that a major challenge in detecting organized insurance fraud is ensuring claims are not viewed in isolation. Insurers need good data for this. Dennis Toomey discusses requirements for a technology-based fraud detection solution.

Also tagged |

Beyond compliance – Added value in a Solvency II implementation

Five House Rules for Managing Risky Behavior

Solvency II implementation costs may shave a few cents off earnings per share, but this cost should be balanced by the benefit of a far more transparent – consistently transparent – set of reporting requirements than before. This valuable information will lead to improved economic planning and insight, and the ability to embed early-warning mechanisms.

Also tagged |

The adventures of Solvency II – The ORSA

Magnifying Glass

ORSA seems very similar to the process for calculating the regulatory financial buffer the ‘Solvency Capital Requirement’ but there are differences – Simon Kirby explains.

Also tagged , |

The adventures of Solvency II

Magnifying Glass

As the Solvency II go-live date approaches, insurers and reinsurers in many EU states are already beginning their compliance projects. But searching for the right processes and technology updates can be daunting – almost as though you are under the legendary Inspector’s eye. What type of data audit will be necessary?

Also tagged , |

Is there risk in your IT strategy?

Stuart Rose

Most insurance companies have mountains of data, but many only track indicators that are easy to obtain, and not necessarily relevant. Stuart Rose says that means too much noise and not enough understanding about how, why or if those metrics support strategic outcomes.

Also tagged , |

Turning a cost center into a money generator

Stuart Rose

Claims is arguably the most important of all insurance business processes.To a significant extent, claims recovery represents an unrealized opportunity for insurers, but opportunities for claims recovery are often obscured by the sheer volume of claims data available. Claims recovery analytics provides a win-win for the customer and the insurer.

Also tagged , , |

Risk management: A business strategy perspective

Integrated Role of Risk Solutions

Renzo Avesani, Risk Management Director at Unipol Gruppo Finanziario, says that the view of a risk management department that is solely used for risk measurement is not only out-dated but dangerous. To manage risk and compete in today’s risky environment, Avesani says Unipol has integrated risk management into the business strategy. Read Unipol’s methodology for success.

Also tagged , |

Cross-border no-fault fraud

James Ruotolo, Insurance Fraud, SAS

Insurance companies and fraud-fighting agencies in North America are noticing a trend: Fraudsters are now exporting their best practices to our neighbors to the north.The province of Ontario has a mixed no-fault and tort insurance system with superb benefits that fraudsters are capitalizing on. Read this post by James Ruotolo to find out how insures to the north are battling this influx.

Also tagged , , |