Innovation In Fraud Detection Systems

In a world of straight-through-processing and ‘touchless’ claims, customers are demanding faster pay-outs on their insurance claims through smarter, more intuitive digital interactions and customer-centric support models.

Until fairly recently, standard industry processes have allowed time for loss adjustors, claims handlers and expert SIU investigators to appropriately assess customer claims.

This approach has been a largely effective, but resource-intensive control on fraud. However, with the introduction of increasing automation, there is far less time available now for human review.

Insurers want to keep customers happy with smooth and rapid processes, but they also want to be confident that they are paying the right people, in the right circumstances, and limiting the opportunity for fraud.

To achieve both of these objectives, real-time risk detection technology has a crucial role to play.