The insurance industry provides essential products and services that help consumers manage their everyday financial risk – a role that is more important than ever in the current economic climate.
The pandemic has meant that businesses have needed to focus on flexing their infrastructure to effectively deliver services via remote working models and frequently adapt their processes to reflect the rapidly changing operating environment. This has had a significant impact on the availability of time and resources to detect and prevent insurance fraud. As claims and fraud teams have lost their normal infrastructure, the ability to share information and carry out normal checks and controls virtually and consistently has become even more vital to offset vulnerabilities.
When it comes to fraud prevention, there are plenty of methods and industry standards available on the market, but organisations often struggle because fraud patterns evolve and become more sophisticated.
We mustn’t forget that fraudsters also tend to attack the insurance industry whenever data sharing, communication and the exchange of information do not work effectively.
Topics covered include:
- Insurance fraud trends and impacts
- What is application fraud?
- What is claims insurance fraud?
- Pandemic fraudsters and new types of insurance fraud
- What is claims farming / vishing
- How has COVID-19 impacted both underwriting and claims insurance fraud?
- Use of technology to combat: smart fraud detection tools
- Simplify the complex: work smartly to detect insurance fraud at underwriting and claims stages
- 4 key claims fraud indicators
- Machine learning and AI-driven risk assessment to enhance fraud detection.
