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Insurance companies are often seen as legitimate targets by people with a ‘I pay, you pay’ mentality. As a result, you are faced with opportunistic, pre-meditated and serious organised fraud attacks.
Many insurance companies rely on traditional systems using rules-based methods to risk assess in isolation and individual claim or policy. These techniques are no longer fit for purpose with high levels of false positives, low levels of fraud detection, and clunky investigative interfaces.
How can you protect yourselves better when some estimates suggest that between 5% and 10% of all claims have some level of fraud? How would you determine whether a motor claim for whiplash, made 5 days after policy inception, is fraud or not?
The answer is to be able to risk assess more than just the claim. Quantexa use our real-time entity and network analytics technology to assess your claimant’s historical behaviour (entity) and their social connections (network). For example, if a claimant is connected to three individuals via shared contact information, previous incidents or payment information, and all these individuals have made similar claims in the last 12 months, this is much more likely to be organised criminal ‘crash for cash’ activity rather than a genuine claim.
- A reduction in false positives
- An increase in the amount of fraud found
- A more efficient investigations process
- General Liability
- Worker’s compensation
Covering both claim and policy fraud