IFB & SAS: Beating Insurance Fraud Together
A path to smart fraud intelligence and investigations
Digitalisation, automation and product innovation is rapidly impacting the insurance industry.
As a result, new types of fraud arise.
People’s appetite for new insurance products change faster than ever and they expect services to be delivered in real time. Application fraud is a great example of how changing industry practices impact how fraudsters operate.
IFB and SAS work in partnership to help bring the insurance industry together to share key data and intelligence management for a collective purpose:
Tackle fraud and protect genuine customers from fraudsters.
Ben Fletcher, Director, IFB; Chief Customer Officer, MIB and Paul Ridge, Head of Insurance, SAS UK & Ireland discuss:
- How the digital transformation of intelligence management can help the IFB and the industry advance the fight against fraud.
- The importance of sharing information, data quality, speed, scalability and agility to identify, detect and prevent fraud.
- The benefits for the insurers and society in having a single hub for suspected fraud (IFiHUB: Insurance Fraud Intelligence Hub) and confirmed fraud (IFR: Insurance Fraud Register)
- The role that AI and automation will continue to play in helping insurers to validate a genuine claim faster, delivering seamless customer experience whilst detecting fraud.
Insurance fraud affects thousands every year causing considerable personal and economic loss, so it’s vital that the industry continues to work together to combat this issue.
It’s in everyone’s interest that fraud is effectively tackled and reduced in scale, so less money is lost to the economy and insurance premiums can be lowered for all.”
Smarter insurance investigation management
Insurance fraud investigations teams are under increasing pressure. High volumes of work inevitably leads to backlogs of requests for reviewing flagged claims and policies. This delays claims or new business processes, making for a less customer-centric approach.
In this E-Book you will learn more about new and more efficient ways to manage the fraud investigation process;
- Prevention doesn’t stop with detection
- Drive up investigation efficiency
- Time-saving tools and benefits for faster outcomes.