Most insurers have some sort of fraud prevention and detection tool in place. They are either planning to adopt, currently adopting, or already have a solution in place, or planning to expand, enhance, or replace their existing solution. Obviously, the right tool is critical.
Automation and identity verification are critical to successful solutions. It is imperative that solutions come equipped with the right capabilities to be truly useful. When evaluating the technical capabilities of fraud detection and prevention solutions, insurers find the most value in automated processes, decisions, identity verification and authentication, and automated processes for making decisions.
Many of the insurance companies that XTND works with value an integrated, multilayered platform approach to fraud detection, which is interesting because many of them also say that the tools they have now are woefully inadequate.Without this integrated platform approach, insurers are forced to patch together various point solutions. If one solution, or one solution suite, can replace what once took many disparate tools, insurers will likely be able to cut down on management time and costs, improving bottom-line performance and, most importantly, contributing to a positive client experience.
When fraud is mitigated, insurers win and retain customers while cutting spending and losses. If fraud has the potential to derail business success, working to effectively detect and prevent fraudsters from wreaking havoc can drive business benefits. Insurers measure the ROI of fraud solutions via increased customer acquisition and retention and still expect an improved customer experience. Insurers also expect investigations or remediation costs and losses to decrease as well.