Analytics are helping governments move to a pre-payment fraud prevention approach, as opposed to the current and ineffective “pay and chase” strategies.
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.
Organized fraudsters love the big data battle because – for many organizations – siloed data and too much data make finding fraud as difficult as finding the same needle in a new haystack. Ellen Joyner says firms can bring big data and organized fraudsters down to size with a layered analytics approach combined with high-performance computing.
Given the increase in fraudulent claims, it is imperative for insurance companies to leverage technology as a key enabler to combat crime-ring-based fraud. Read this article to learn why predictive analysis is important for insurance fraud protection.
The growing threat of enterprise-class fraud
Leader’s integrity tied to risk management culture
Combating blood money with big data
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