Fraud for Thought

It’s time to enhance your strategy to prevent and detect insurance fraud across the enterprise.

CHALLENGE

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

Insurance in context

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.

Save from fraud losses in as little as six months

Intelligence automated fraud detection can help insurers save from fraud losses without compromising on services or customer experience

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ONE UNIFIED SOLUTION

Detect and prevent fraud across the enterprise

With Decision Intelligence and the right platform to enable it, insurers can connect and operationalize internal and external data to develop a richer and more comprehensive understanding of every applicant, customer, claimant, third party, supplier and risk across the insurance value chain.

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.

impact

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.

Global P&C Lead & Head of Claims at Allianz

Context is saving insurers 1-3% on their total claims spend through better fraud identification

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Protect, optimize and grow your organization today.

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