Insurance Technology - Data Mining Proven Valuable to Prevent Fraudulent Insurance Claims

Data mining can lend considerable value to the organization seeking to leverage key business intelligence or predictive analytics to nurture key customer relationships. At the same time, this practice can also be used to detect insurance fraud and protect the organization from loss. A recent IBM, “Using Data Mining to Detect Insurance Fraud, Improve Accuracy and Minimize Loss”, explores the significant loss insurance companies face every year as a result of fraudulent claims.