From an insurer’s perspective, analytics helps shave a substantial amount of time needed to detect fraud cases. A leading global insurance company, Aksigorta used to take their investigators six months to expose cases of organised fraud, with analytics it now allows them to do it in just 30 seconds.
In today's tumultuous economic landscape, the insurance industry is grappling with a pressing concern: the rampant rise of fraudulent activities. As economies face recessionary pressures and uncertainties, insurance fraud has emerged as a critical issue affecting insurers and policyholders alike.
For instance, in a recent case, a Singaporean has been charged with multiple counts of cheating for allegedly duping an insurance company into paying out more than $8.9 million in false claims by depositing money to third-party bank accounts. This incident could have been potentially prevented with the use of a fraud detection tool which uses data analytics to identify and respond to unwanted and suspicious behaviour in real time.
