21 Aug Speed to Detection with Advanced Analytics ? Fraud Reduction Strategies for 2014
Speed to detection: a progressive and strategic concept using advanced anti-fraud analytics Insurers must transform strategies for combating complex crime rings
The insurance industry knows natural disasters will occur, and planning is generally pretty solid per the axiom, ?If it?s predictable, it?s preventable.?
But in the world of insurance fraud, many sectors of the insurance industry seem to lack the same energy to mitigate this crime. Using the same acumen gained from restoring order after disasters,the key is to apply the same proven strategies of history, response, performance and mitigation offuture risks. This approach will better help combat insurance fraud with equal success.The modern strategy of ?speed to detection? is a uniting principal and operating strategy for mitigating the epidemic of fraudulent claims.
Insurance companies are not in the anti-fraud business. They are in the business of managing a risk pool, mitigating those risks and returning a fair profit. Government law-enforcement agencies are specifically charged with preventing crime and disorder.To prevent fraud, all involved organizations must scrutinize their systems with a fresh view and openness to evaluating how to better combat this crime.
Advanced analytics, coupled with sound business practices and preventive measures, will yield better anti-fraud results. For insurance swindlers, speed to detection should mean speed to jail.