Insurance fraud is a problem for both insurers and customers. Insurers are being squeezed to improve the performance of their fraud identification efforts while their anti-fraud initiatives aim to drive the best bottom-line results. Customers, on the other hand, continue to struggle through tedious claims processes or face delayed claim payments due to false positives. But what is it exactly that makes fraud such a dangerous and complex issue?
As customer interactions become increasingly digital and consumers themselves demand exceptional and seamless experiences, the insurance industry must contend with how these changes will impact the way they detect, mitigate, and prevent fraud. We believe there are three major problems for insurers:
- The state of fraud is consistently evolving.
- Customers demand exceptional experiences.
- Aggressive fraud risk detection solutions place a good customer experience at risk.