Fraud losses represent a systemic and increasingly convolutedrisk affecting the profitability of every insurance company.
Traditional fraud detection methods and systems struggle withthe complexity and speed of emergingorganized fraud schemes. Insurers need a new approach tomonitor customer behavior across multiple claims and lines ofbusiness. By combining multiple detection techniques, analyticsand reporting, insurers can decrease fraud losses,reduce false positives and improve investigator efficiency.
Today's fraud landscape
Today's fraud trends and schemes are not those of 10 years ago.More advanced technology available to both insurance carriers andconsumers has given rise to fraud that is much moreinscrutable — schemes that are harder to detectwith the human eye or by a single detection approach alone.Insurance claim fraud detection techniques are critical tocombating the issue, but any one technique alone can cripple aninvestigation unit with false positives.
Related: The changing face of fraud
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