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Awareness of fraud in the insurance industry has increased. A quick Google search shows several headlines on the topic. There is growing interest and concern around fraud and abuse. With today’s tech, we can do things that we couldn’t have imagined– to do as few as three years ago. When new claim is reported that you can look back on every claim you have ever processed that’s a very time taking process. But now this can be do-able in a limited time with latest technology tools.
It is possible today. Future possibilities using Claim Administration Software’s abilities are even more amazing. Not good if you are trying to put food on your table by compelling fraud…
Carriers that are identifying this are doing three things that are critical to success:
- Elevating the agenda: Counter fraud strategies must move out from old system to the automated one.
- Insight superiority: Data and analytics are the key to staying ahead of the cheaters.
- Adapt with agility. As fraud schemes change, so must you. Black box point solutions will not keep up with todays organized crime, modernized, technology-savvy cheaters
Most Insurance companies are putting this into practice. This will result in fraud minimization and leakage to completely convert their business operations to a highly profitable, customer centric.
InsureQlik Claim Administration Software offered assistance in fraud prevention:
- Prevention: Fraud defenses that provide a protected environment and clear business controls to keep the bad guys out.
- Counter: Data and analytics driven skills to detect, determine, respond to, and investigate bad guys that manage to get through the defenses.
- Intelligence: An observation space that provides rich and deep intellect into both the internal and external worlds the bad guys operation.
- Governance: Decision administration and configuration control over the counter fraud.
Putting these parts organized can be difficult. As your Insurance Agency considers advances in customer centricity, understand that what you are doing to make your business easier for clients is also making it easier for cheaters. Whether it is through cloud, mobile or social programs, your agency needs the Insurance Claim Administration Software to permit the business to go faster in these areas.
InsureQlik offer an effective smarter counter fraud Software that is important for your organization, like the brakes on a car, you will be able to go as fast as you like … but know you can also stop on a dime when you find that your customer is really the wolf in sheep’s clothing.