How data and technology can improve compliance. Integrating data science and analytics resources into traditional compliance functions gives risk professionals a tremendous opportunity to drive better business transparency, which in turn drives better business performance. (Photo: Rymden/stock.adobe.com)

People have been trying to defraud insurance companies almost as long as the concept of insurance was invented. Ensuring proper controls and anti-fraud monitoring inside the walls of today’s insurance company is nothing new. However, what is new is how technology is emerging to play a key role in the prevention and detection of potentially improper payments or rogue employee behavior.

In most organizations, analytics are becoming ubiquitous. The risk, legal and compliance functions, which traditionally solely relied on knowledge of rules, regulations, policy and law, are no exception.

 

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