The Frauds has always been a problem in the insurance companies, since irregular collections have generated millions of losses, favoring a reduction in their operating costs to maintain profitability.
This problem has led to the loss of valuable resources, which could be used to prevent and identify activities associated with fraud. The challenge for insurers is based on improving the skills associated with detecting irregularities using technologies such as Big data and its analysis.
Through a survey conducted in 2014 of various insurers, it was revealed that in seven out of ten insurance companies, it was stated that claims had increased in three years. This, further supports the importance of preventing fraud.
How can you prevent them?
1.- Using artificial intelligence to find patterns: with this the detection of scammers will be fast because it processes the information, drawing conclusions.
2.- Analyzing fraud networks: through data analysis, helping to detect chains of organized actors for fraudulent collections.
3.- Using business rules adjusted to customer behavior: thanks to this, previously made (fraudulent) claims were compared in the various types of insurance, thus allowing the generation of alerts for a new claim similar to those historically stored.
Thanks to technology, fraud can be prevented through data analysis, which will allow the protection of insurance companies’ resources. The digitization of services has made companies more vulnerable, which is why it will be a priority to avoid fraud to guarantee the monetary care of insurers and their profitability.
Through our service, LISA Gateway, you will be able to manage and manage the integrated fraud management in each of the transactions. For more information about the service, contact us by clicking here.