In order to commit identity fraud, the computers of individuals are hacked, data of these individuals is collected and all kinds of companies are defrauded, including insurance companies.
Jeroen Morrenhof (FRISS CEO) believes that the importance of platforms can never be overemphasized. How to reach platform paradise for your core system?
Blockchain is much more effective than centralized solutions which are an open invitation to hackers, with all additional costs.
Artificial Intelligence (AI) is required to process large amounts of information and convert it into applicable knowledge and insights.
Thanks to their modern data system and collaborative culture, INTERAMERICAN achieves a balanced insurance portfolio and good insights in risks they carry.
Evie Monnington-Taylor is a Senior Advisor at the Behavioural Insights Team (BIT), working on international programs for the ‘nudge unit’. This blog is based on her talk at FRAUDtalks Conference 2017, where she advocated the effect of small changes to stimulate honest behavior.
Insurers are working hard at matters such as customer engagement and straight through processing (STP). In this blog, several methods insurers currently adopt to achieve self-processing of damage claims are being discussed.
From 25 May 2018 the new General Data Protection Regulation (GDPR) will come into force. Udo Oelen of the Dutch Data Protection Authority takes stock of what the implications of this new European regulation are for the insurance industry.
Insurance companies around the world have one priority: digital transformation. Why do insurers accept the substantial losses caused by fraud and put off tackling the issue?
Every day we are busy tracing the journey of a stolen object, literally and figuratively all around the globe. Our primary motivation? Crime should never pay off. Never.
No financial organization wants to consciously or deliberately cooperate in money laundering practices or even terrorism, and that certainly applies to insurance companies.
Until now little attention has been paid to the motive when interviewing fraudsters. You might say, “It is always about the money, isn’t it?”, but is that really true? Everyone has his own motives. These can be divided into three categories: Pleasure, Prestige and, indeed, Pay-out.
Every attempt at committing fraud starts at the front office. Gert van Beek presents an interesting business case in which front office staff was trained to recognize fraud signs and potential deceitful behavior of claimants. This blog is based on his FRAUDtalk.
What techniques can insurers use to stimulate honest behavior and reduce fraud? Joanne Reinhard from the Behavioural Insights Team is specialized in applying behavioral science to bring about behavioral change. She shares multiple useful tips for insurers.
Gian Luigi Chiesa is data scientist at FRISS. He builds analytical tools that provide insight into the data that insurers use in their fight against fraud. Gian sees how Netflix profits from big data and concludes that the insurance industry can learn from this.
Fraud was already widespread in Ancient Rome and it will probably never be eradicated. There will always be an ‘arms race’ between fraudsters and fraud investigators. This means that everyone who decides to make a career in fraud prevention has a golden future ahead of them.
Committing fraud in the digital era is easier, it does not take much notice of national borders and is therefore very attractive for organized crime. Those who commit fraud digitally need to be recognized and dealt with digitally.
What turns people into fraudsters? Is it just opportunity or does it take more that that? Peter Schimmel is partner at Forensic & Investigation services at Grant Thornton. This blog is based on his FRAUDtalk of 15 September 2016.
Nowadays, the underwriting process has become a far more distant affair: insurance brokers rarely visit a client’s home and many consumers prefer to handle their business through the internet. But if there is no personal contact with clients applying for a policy, how can one still make a good assessment of the risk that is taken on?
Insurers and aggregators are to some extent competitors and they always will be. However, both have an obvious mutual interest in maintaining a healthy insurance market. Christian van Leeuwen gives a rundown of the developments and, on the whole, sees win-win opportunities.
The insurance industry possesses huge amounts of data. Eva van Viegen, Data Scientist at FRISS, runs analyses to get a better insight into fraud, risks and the value of portfolios. How reliable is all this information and how can it be made (even) more reliable?
The insurance industry uses technology in new ways to improve the customer experience, making processes faster and more transparent. FRISS’ CTO Christian van Leeuwen explains how ‘insurtech’ has the potential to change the insurance business for the better.
There are two major reasons to work on alignment between the departments Underwriting and Claims. It enhances the profitability of the insurances and also raises the fraud awareness of the entire company to a higher level.
Fraudsters are always looking for the weak spot and do their market research. We should therefore share information about fraud networks. Not only at a national level, but also cross-border.
Risk assessment can improve the underwriting and pricing processes for European insurers. Having a clear picture of potential customers helps to prevent fraud and minimizes risks before customers enter an insurance portfolio.
Most insurance companies have to rely on their customers’ honesty and accuracy when they provide a name and address for a new insurance policy. Mandatory use of social security numbers could be the way to authenticate new customers and limit fraud in the insurance industry.
Websites that compare insurance premiums made the market more transparent for consumers. These so called aggregators enabled the majority of car insurers to attract clients solely with low premiums. This may sound like good news for the consumer, but there is a dark side to paying premiums that are too low.
Telematics insurance uses real-time data to monitor an insured’s driving behavior and calculates the premium accordingly. Consultant Wouter Joosse tested telematics in his own car for six months.
In January of this year, 22 persons stood trial on Malta for their involvement in an extensive insurance fraud case. The fraud ring was brought to light relatively quickly because the involved insurance companies share data amongst each other.
An overview of the external forces that will have most impact on the non-life insurance industry in 2016: Technology, Pricing, Customer Expectations, Regulations and Catastrophes.
Nowadays, many claim managers mention that repair fraud is a huge issue. During my experiences with insurers I came across multiple questions insurers are struggling with.