Insurance: Fraud Prevention
The phenomenon of fraud has a not insignificant impact on Insurance Companies’ savings: the identification and prevention of fraud should be considered a competitive advantage in reducing costs and creating profit. At the same time it can be a commercial opportunity by offering more competitive market prices.
The effective use of internal data allows us to highlight dubious situations both at the level of policy characteristics and reported accidents, while comparison with external data can enrich analyses and gives us the possibility of confirming what we believed.
In our experience, many of the types of fraud are already known by Companies: in this sense, the first piece of the puzzle for the reduction of fraud is the construction of an information system which signals potentially fraudulent situations on the basis of policy characteristics or accidents deemed dubious, ordering them by priority and signalling them to the appropriate organisational unit.
Subsequently, and on the basis of a fraud historical files, it is possible to develop a predictive model which renders the control and prevention action more effective and faster.