LONDON--(BUSINESS WIRE)--Quantzig, a leading analytics advisory firm that delivers customized analytics solutions, has announced the completion of its free resource that explains the top five steps to detect and prevent insurance fraud. The remarkable growth in the use of hand-held devices and social platforms have transformed several industries. In such a rapidly transforming environment, insurance fraud remains the biggest concern for top banking firms. The growing competitive pressures have forced insurers to harness digitization by leveraging fraud analytics.
To proactively address the skyrocketing insurance frauds, it has become imperative for insurers to develop a reliable and effective strategy that focuses on fraud detection, prevention, and management. In such a scenario, advanced fraud analytics provides an attractive new opportunity for insurance companies to prevent claims fraud before it reaches epidemic proportions.
“Predictive models are proven to be more accurate than traditional fraud detection methods and can help insurers to categorize claims based on their probability to be fraudulent,” says a fraud analytics expert from Quantzig.
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Steps to Detect and Prevent Insurance Fraud
- Visualize data
As unstructured data sets continue to proliferate in today’s digitally inclined business environment, insurers should leverage appropriate methods to analyze and extract insights from data. One of the best ways to do so is by leveraging data visualization tools and techniques.
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- Delve deeper into predictive modeling
Predictive models are proven to be more accurate than traditional fraud detection methods and can help insurers to categorize claims based on their probability to be fraudulent. The information of such fraudulent activities can then be gathered and cross-referenced from disparate data sources across the organization.
- Realize the value of text analytics
In today’s complex business landscape, most of the useful information is often buried within the huge troves of unstructured textual data sets. By leveraging text analytics businesses can not only access the unstructured data sets but also extract meaningful insights from the data sets to gain deeper insights on the claim policies.
- To read more, download this free resource
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal