Fighting Insurance Application Fraud

Fraud has always been a threat, but the risk escalates as more business is conducted through digital devices and the internet. Since fraud risk can start at the point of application – providing financial gain to customers and/or agents – it makes sense to have strong tools in place to monitor the digital application process. This paper presents analytics-driven methods to:
• Verify the identity of the individual making the application.
• Identify the potential for future claims fraud at the point of application.
• Spot customers gaming the system to their advantage when using direct channels.
• Detect insurance agents who are gaming the system in broker channels.