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Insurance fraud is a global issue
The global economy remains turbulent with financial pressures and uncertainty fueling a huge surge in fraudulent activity. The full scale of insurance fraud is unknown as much is underreported and undetected. The threat to insurers and their customers has accelerated the need to have the right resources, data and toolset to harden defenses.
$300bn
Cost of losses from Insurance Fraud every year
+159%
Year over year growth in digital fraud
The combined power of data and AI to fend off fraud
The insurance fraud threat landscape is evolving at speed. Criminals are smarter than ever before, using a plethora of sophisticated tools and technology to commit complex and collusive frauds at scale. Being able to detect hidden risks before fraud occurs is key for insurers to gain the upper hand.
Tune in to our ‘Fraud for Thought’ podcast where Alex Johnson, Head of Insurance at Quantexa speaks with Michelle Rafeld, Executive director from the Coalition against Insurance Fraud, to discuss the complexity of the fraud landscape and the importance for insurers to leverage data and AI in the right way to protect consumers and detect frauds that are impacting the consumer.
ONE UNIFIED SOLUTION
Detect and prevent fraud across the enterprise
Make faster and more accurate decisions on:
Fraud investigations
Application and underwriting fraud
Claims, billing and provider fraud
Internal fraud
Supply chain integrity
BENEFITS
Amplify the impact of counter-fraud operations with context
Holistic 360° view
Create a single view to understand more about customers, claimants, suppliers & other parties to make informed decisions to fight fraud.
Increase fraud detection
Better detection of fraud across the enterprise, from the point of application and throughout the customer lifecycle.
Enhanced customer experience
Generate accurate insights to accelerate decision-making and integrate with Straight-Through-Processing.
Accelerate investigations
Increase productivity across teams with reduced manual efforts of the triage and investigation processes.
What Quantexa has achieved
80%
Reduction in investigation time
75%
Reduction in false positives
1-3%
Combined ratio reduction
100%
Coverage across all product lines
Allianz saw an 18-30% improvement in our fraud-fighting performance driven by the implementation of Quantexa technology. They simply offer the best solution on the market for identifying new and emerging risks.
