May 2019 – 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 Property & Casualty Insurance Fraud, DXC Fraud Analytics Suite, FRISS, Mody Data Solutions, SAS Detection and Investigation for Insurance, Shift Technology, and Verisk ISO Claim Solutions.
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