Great article by Eddie Longworth -
on how digital enables fraud detection. Our 360Retrieve tool does exactly what he is describing. It earned its plaudits with Police Forces investigating complex crimes cases so insurance fraud is an ideal use case.
Accessing, joining and analysing data in unstructured, sem-structured and structured data silos it identifies a range of fraud from simple opportunistic to complex crime rings. It has also proved its worth analysing Personal Injury Claims where it tackles the persistent problem of under-reserving.
Combined with our digital claims platform 360Siteview we have processed over 3.6 million claims for insurers large and small.
Firstly, wherever possible, data should be collected and analysed in real time. During the relatively short period of notifying a claim (perhaps just a few minutes, especially if online facilities are being used), the insurer needs to know if a claim is potentially fraudulent. Data from hundreds of sources needs to be automatically collected, examined and reported so that the claims handler or automated system can react accordingly – all in the blink of an eye.