Insurers leveraging AI and big data to pilot and deploy initiatives in machine learning, unstructured text analysis, image and voice recognition
Boston, MA (May 7, 2019) – Insurers are responding to increasing rates of sophisticated fraud by deploying analytic capabilities that have the sophistication to identify components of fraud within valid claims as well as to identify individual and widespread illegitimate claims. In a new report, Claims Fraud Analytics: Overview and Prominent Providers, research and advisory firm Novarica provides an overview of fraud in the insurance industry and claims fraud analytics technology, as well as profiles seven solution providers in this space.
“Fraudulent actors are responding by enhancing the sophistication and the scale of their efforts; carriers, on the other hand are responding by enhancing their fraud analytics capabilities,” said Deb Zawisza, Vice President of Research and Consulting and co-author of Novarica’s new report. “Larger insurers are very active in the deployment of fraud analytic capabilities, with 78% of carriers having some type of fraud scoring to support their traditional and digital claim practices. Midsize carriers are lagging slightly behind larger insurers, with 67% deploying some level of fraud scoring.”
A preview of the brief is available online.
Tackling fraud isn’t new for insurers; most have been using SIU organizations for decades. However, property/casualty insurers are now digitizing claims processes, creating challenges for traditional fraud detection, which relies on human assessment. Fraud analytics provide digital capabilities to identify fraud in real time, at FNOL and during the claim life cycle.
This brief provides an overview of fraud in the insurance industry and an overview of claims fraud analytics technology. It also profiles providers in this space, including BAE Systems NetReveal, DXC Fraud Analytics Suite, FRISS, Mody Data Solutions, SAS Detection and Investigation for Insurance, Shift Technology, and Verisk ISO Claim Solutions.
Click here for the table of contents or to access the report.
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.
Source: NovaricaTags: analytics, Artificial Intelligence (AI), Big Data, fraud, FRISS, ISO, Novarica, SAS, Shift Technology, Verisk, Voice