Insurers have long understood that the ability to quickly detect fraudulent claims not only stems losses but also minimizes the impact to legitimate customers as well. Blue IT believes that insurers can cost-effectively identify and prevent a broad array of fraudulent activities. There are four main strategies to realizing this goal.
Insurers are already well acquainted with the impact insurance fraud can have on both regulatory scrutiny as well as the damage to a company’s equity, brand and consumer confidence. These are only exacerbated with the increase and emergence of agent fraud, money laundering schemes, know your customer obligations, and underwriting fraud.
Another long-term trend that makes it hard to fight increasing financial crime is a fragmented business and technical approach. Anti-financial crime efforts in the industry are addressed by different teams with multiple processes, teams and tools – that all deliver similar capabilities.