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Identity Authentication/Management
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Insurers are responding to increased fraud activity with more anti-fraud technology budget, aimed at detecting potentially fraud as early as possible in the claims lifecycle.Be the first to comment
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Insurers have lots of data, and they are finding new ways to leverage it. High-performance analytics technology is inspiring a whole new set of fraud detection capabilities.
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Among a roster of recent appointments and promotions announced by Selective Insurance were George Neale as SVP, Chief Claims Officer, and John Bresney as SVP, Application Delivery Services.
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Pandey seeks to build on his successful enhancements to agent ease of doing business undertaken during his tenure as CIO of Donegal Insurance Group.
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Xchanging Aims at "Transformational Play" With Launch of Netsett Net Settlement Utility to US MarketSettlement processes similar to those that reduce needed capital from $80 billon to $12 billion on the London market are poised through an Xchanging/Deutsche Bank partnership to address $3 trillion global market, with the possibility of a 85% reduction in the working capital required.
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The new division offers life, health and accident protection products.
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The BOLT Platform reflects the rapid evolution of the insurance distribution ecosystem in which now both commercial and personal customers demand multi-channel availability of quotes, comparisons, customer service and transactional efficiencies.
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The paramount IT tasks for every firm should be to shift to the most agile possible approach for dealing with legacy issues, thereby reducing legacy spending, and then devote the freed-up funds to innovation instead of to overhead.
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Text analytics can bridge the gap between structured and unstructured data, opening up the benefits of text mining for fraud detection.
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To determine growth opportunities, insurers need to gain customer insight on the varying heterogeneous segments within existing and new markets.
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Universal American has saved millions using a FICO predictive modeling tool to uncover fraud. Here's how.
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Implementation of FireLight solution will provide distributors with a mobile platform that takes them "from illustration to application."
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From personal experience, I've long known that insurance fraud was what might be called a "burning issue" for insurers and society at large, so it is perhaps appropriate that Mercury Insurance should torch a car — and send us a pretty awesome image — to call attention to the problem.
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The software "networks and scores related entities and records within a company’s data to expose networks of suspicious activity," according to a statement
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While safety has increased and frequency of injury has decreased, severity of injuries has increased, suggesting that medical providers are shifting costs from government and private health payers to casualty insurers.
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Sandy's Aftermath: ispatches from Hoboken, New Jersey; reflections on community, loss, and the possible role of the insurance and banking industries.
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The global specialty insurer has adapted its industry-leading ESCAPE portal capabilities from its beginnings in excess casualty to commercial E&O and healthcare/medical professional liability.
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Sandy appears to be that once-in-a-lifetime storm; it's too early to know what the costs will be, but insurers' responses will be in the spotlight.
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Other technologies highlighted as key to stopping fraud included link analysis, business rules and external databases.
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Combined with predictive analytics and link analysis, big data offers insurers a powerful antifraud tool.
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Effective leveraging of next-generation technologies was key to the companies being recognized.
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The P&C industry needs to improve data sharing to effectively fight claims fraud, Deloitte says.
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Homegrown solutions allow total control over development, but insurers often discover that the total cost of ownership for a fraud detection solution is lower with a vended solution.
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Fraud is a persistent problem for insurers, but the tools to fight it are gaining sophistication as well.
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Allstate crowdsources to test usage-based insurance product; employee, agency owner testing of Drive Wise product will provide telematics feedback about driving habits.
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