According to a recent study by The Insurance Research Council, fraud accounts for over 10% of the property/casualty insurance industry’s incurred losses each year. As the fraudulent individuals and organizations become more sophisticated and covert, traditional methods of tracking down criminal activities are fast becoming obsolete.
Our technology has delivered significant return on investment for our insurance customers. Using Infoglide Software’s solution, a New Jersey-based property and casualty (P&C) insurance carrier was able to identify enough fraudulent claims in the first month of use to pay for the system for an entire year. Another P&C insurance company attained a 300% ROI by using the software to investigate vehicle identification numbers (VINs) from tire-related incidents.
Insurance companies use the system for additional applications, as well. One emerging area of interest for corporations is Social Link Analysis, which allows an organization to detect suspicious connections between people, locations, and transactions to find fraud and criminal activity that would otherwise go undetected.
Infoglide’s Insurance Fraud solution is ideal for the following needs of our insurance industry customers:
Property and Casualty Fraud
- Screen and match claim identities in real time or in batch mode against any individual or multiple lists using the same Identity Resolution matching solution that the US Government uses to screen airline passengers for terrorists.
- Discover suspicious identities within known social circles using Infoglide’s Social Link Analysis and Social Link Discovery products.
Workers Compensation Fraud
- Uncover hidden relationships between claimants (such as employees, medical providers, and employers) and known suspicious identities.
New Customer On-boarding
- Screen customers against internal and external watch lists and use powerful relationship detection to uncover suspicious activity.
- Detect suspicious links between new applicants and known fraudulent entities or transactions.