Fraud knows no boundaries. Data is in every industry and those nefarious characters behind fraudulent behavior are always looking for fraud. Digital Insurance brought this subject to our attention in their article, “The evolving world of fraud detection in underwriting.”
New and emerging risks are mandating new underwriting and portfolio risk management techniques that demand improved or enhanced technologies to bolster performance. This is due to the fraudulent behavior detected in the industry.
Technology such as automation, digital applications and advanced-analytics engines are further transforming operations such as underwriting, claims and marketing—principal drivers of corporate performance. Insurers continue to struggle with technology and operations that operate separately and underwriters are faced with expense ratio pressures.
The complicated system of data collection and identification of risk exposure is predicated on having accurate information about the subject and the object. This means a review of who has single or shared interest, a history of financials, evaluation of all the elements that have an impact, i.e. building, employees, location, etc.
Melody K. Smith
Sponsored by Data Harmony, a unit of Access Innovations, the world leader in indexing and making content findable.