Latest Approaches in Fraud Detection

Recently in the insurance industry, particularly the claims operation is experiencing challenges when it comes to claims of disability and life insurance. It is important to consider that the claims management outlines the bond between the insurer and the insured in modes that no other forms of communication can. This is why the industry is focused on enhancing their services and eliminating any possible risks of fraud. The extent of challenges is broad and the number of fraudulent reports has risen over the years. Hence, several analytical innovations have emerged to create efficient tools in detecting fraudulent claims.

With the use of innovative technology insight, many insurance companies have the ability to recognize and analyze the behavior of the consumers and try to analyze whether their activity is fraudulent or not. Insurtech companies emerged to make sure that fraud detection is as efficient and secure so as to protect the clients and the industry. Insurtech is also considered as one of the latest approaches to fraud detection in ascertaining that the companies are providing excellent customer service experience. Most countries nowadays choose to acquire private archives or fraud databases that keep track of caught criminals when it comes to insurance, credit, or benefit fraud. With insurtech companies, the industry developed an advanced method not only to prevent crimes from known criminals but also to prevent the act of committing fraud itself.

The presence of insurtech has increased the level of customer experience in the market. The expectations of the customers have been re-defined and the insurance companies finally realized the importance of collaboration with insurtech in order to maintain the newly set standard of customer service in the insurance industry. The importance of collaboration is more substantial when it comes to handling insurance distribution, customer acquisition, purchasing, and even managing insurance policies.

Though the concept of insurtech is promising and surely has a long way to go, many insurance companies are still unable to cope with the rapid change in technologies. Even though the insurtech companies are devoting their time to making sure that this kind of technology can be of an additional value to insurance companies, the insurance companies, on the contrary, hardly spend their time thinking about what kind of technology they should adopt in order to provide better customer service and enhanced customer experience.

This is why many claims management conferences are rising in the market to make sure that insurance companies are informed of the kind of technology they should avail to properly cater the demand of the consumers. These claims management conferences make it possible to discuss the dynamics of regulation in different insurance companies. It also covers fraud detection as one of the themes in order for the people to realize the importance of these technologies. Furthermore, these conferences focus on introducing the beauty of insurtech and how it revolutionizes the claims management. It also discusses the vital role of artificial intelligence and its impact on customer experience.

Join Anno Lucis’ Claims Management and Innovation Conference 2017 on the 2-3 of November in Amsterdam. Explore the benefits of attending the event and register on the Claims Management Innovation Conference Page