Blog - FRISS

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The 8 Biggest Fraud Challenges for Insurers

The insurance industry is modernizing fast in numerous ways. Hot topics such as insurtech, mobile adoption, blockchain and predictive analytics are just a number of improvements that change the way insurers work. However, insurers face a number of challenges in effectively responding to fraud.

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blog | Insurance fraud detection

5 Trends in Fighting Insurance Fraud

The Insurance Fraud Survey 2019 shows the current market state regarding insurance fraud. Here are the 5 top take-aways.

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FRISS at the Insurance Innovators Summit

FRISS attended the Insurance Innovators Summit in UK. Here are the takeaways:

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Changing to a Paradigm of Trust Automation in Insurance – Podcast episode with Christian van Leeuwen

In a podcast episode Changing to a Paradigm of Trust Automation in Insurance, Christian van Leeuwen talks about insurance leaders' trends.

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Trust is Foundational for the Future of Insurance

Gartner’s Hype Cycle for Digital Life and P&C Insurance 2022 shows that trust will be a necessary component for success.

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6 Interesting Facts About Insurance

Let’s demystify the idea that insurance is boring with 6 fun facts about Insurance!

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Why AI needs human interaction

Read here why it is impossible to scale the business without the help of AI solutions.

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Top 3 Lessons Learned from DIA Munich. And Oktoberfest.

Top 3 takeaways on the DIA Munich conference 2022.

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People first, technology second – MOI2022

MOI2022 - read here about the impressions, ideas, and challenges that were discussed on MOI2022 conference in Vienna.

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What is the General Insurance Code of Practice

Hello there. Congratulations, you made it to the number one GICOP resource on the web. We’re guessing you found this page, busily searching for resources/information...

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Holding back the storm

As Floridians brace for the coming storm we in the insurance industry begin prepping for the flood of claims.

blog | Underwriting

How Seguros El Águila Benefits from Automated Risk Assessment at Underwriting

Seguros El Águila has been using FRISS automated risk assessment at underwriting for the previous 2 years. Here's what they've accomplished in the meantime:

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Why End-To-End Software Is The Best Solution For Fraud Prevention

The idea of end-to-end fraud prevention systems is to resolve multiple problems you are facing throughout the full policy lifecycle.

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Top 4 Insurance Frauds and How To Prevent Them

Fraud, on average, can be as high as 20% of an insurer’s claims cost. But to understand insurance leakage better, check real-life examples of the top four insurance frauds and how can you prevent them.

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4 Lessons from The Lloyd’s Lab Cohort 8

We had the great pleasure to participate in the Lloyd's Lab Cohort 8. Here are 4 lessons we've learned:

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Lessons Learned From Comparing Two Years of Insurance Claims Data

Let’s look at some lessons learned from comparing two years of actual FRISS data.

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3 Of The Latest Insurance Trends To Keep An Eye Out For

Now that we’ve officially closed out the first half of 2022, there are some important insights for us to consider throughout the next two quarters of this year.

blog | COVID-19

Technological Insurance Fraud Fighting Challenges In Latin America

This article emphasizes the struggle that the Latin American Insurance market has encountered in fraud detection since the emergence of COVID.

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Insurance and Environmentalism Go Hand-in-Hand—Here’s 6 Things You Need to Know

Environmental, social, and governance trends are more important than ever! Click here to read about the latest ESG updates now and find out how to stay on top of them.

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Why digital transformation can leave insurers vulnerable to fraud

Reflections from the Insurance Innovators Claims and Fraud Event 2022 The 2020 Insurance Innovators event was the last live event we attended prior to the...

blog | Insurance fraud detection

Tackling The Scourge Of Ghost Broking

Stopping ghost brokers in real time reduces the need for the post sale processes and preventing insurers from becoming an RTA insurer.

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How Real Time Fraud Analytics Enables Real Time Decisions

How can your claims handlers can be brilliant in the moment? Let them work with real time fraud analytics to enable real time decisions.

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Why Climate Change Was Everywhere at ITC Vegas 2021

Find out why catastrophe coverage will soon be at the forefront of insurance innovation and why it's essential for you to start planning now.

blog | Insurance fraud detection

Holistic Fraud Management Must Include the Entire Policy Life Cycle

In this blog, featuring Gartner's Top Practices in Fraud Prevention and Management for Digital Insurance for 2021, discover 5 ways to innovate your processes while keeping fraud far from your book of business.

blog | Underwriting

Calling All Underwriters To Focus On The Core, Not The Chore

Our FRISS Underwriting Insights solution, aggregates third-party data sources to help underwriters focus on the core of underwriting rather than the chore of data collection.

blog | Insurance fraud detection

3 Reasons Why POCs Are Holding You Back and How to Change That

Proof of Concepts are not as reliable as we once thought. Niek Verdoes, our Product Manager, outlines the three major problems with POCs, and offers an alternative method for choosing the best solution.

blog | Claims

There Is More to CLAIMS Than Just “AI”

Dive into the many different aspects of claims and why we have to look outside of AI to find success. Learn why “there’s more to CLAIMS than just AI”, and what you might be missing.

blog | Underwriting

How Hungry Are You to Increase Your Commercial Underwriting Appetite?

Have you ever watched a home renovation show? The ones where they buy the fixer-uppers, gut them, and somehow end up making a $2 million...

blog | Compliance

The EU’s Artificial Intelligence proposal is here: A first look at the requirements

The EU's Artificial Intelligence Act proposal is here. In this blog, FRISS looks at the classifications of AI and how new requirements will affect our industry, including our own company's approach to the proposal.

blog | Claims

What Claims Adjusters Can Learn from Fast-Food

How much do aspects of the fast-food industry correlate with our day-to-day lives as part of the insurance world? And could these restaurants change the way claims adjusters look at claims?

blog | Insurance fraud detection

A FRISS View On The Series B Led By AKKR

The Series B will be used to fuel rapid market expansion, product innovation and the support of safe digital transformation throughout the full policy lifecycle.

blog | Insurance fraud detection

Using Insurance Data For The Good Of The Customer

How does having all the data, models and software in the world benefit the customer? We attended Intelligent Insurer Underwriting Innovation Europe event to answer this question for you. Read our blog to find out!

blog | Insurance fraud detection

How To Stop Ghost Brokers In Their Tracks

Could you fall victim to ghost brokers? How could you recognize it? And if so, what should you do about it? Find our in our latest blog article!

blog | Insurtech

How to Combine Innovation and Customer Satisfaction

In part 2 of the Insurtech Insights synopsis, find out how customer satisfaction matters even more during the era of efficiency and claims automatization.

blog | Insurtech

3 Ways To Solve Inefficiencies In Your Claims Process

In part 1 of the Insurtech Insights synopsis, find out how people, processes, and technology can solve claims inefficiency in your company!

blog | Insurance fraud detection

How Image Analysis Destroyed the Perfect Scam

Hi there, my name is Ed, and I’m going to tell you about the time I almost scammed an insurance company for a brand-new Porsche....

blog | Insurance fraud detection

Network Viewer: The Future of Fraud Investigations

The Challenge: Meet Anna. She just got a promotion and now works in the Special Investigations Unit of an up-and-coming insurance carrier. She has been...

blog | COVID-19

My 3 Main Takeaways from Insurance Innovators: Fraud & Claims Event

Wondering what the future holds for the field of insurance fraud? Read our 3 main takeaways from the Insurance Innovators: Fraud and Claims event

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Why Honest Insurance Benefits Us All

The cost of fraud can be high for a fraudster - if caught. Even more unfortunate is the price you and other honest people pay on their behalf.

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Leveraging Fraud Detection to Enable Straight-through Claims Processing

One necessary to enable a great customer experience capability is automated, real-time claims fraud detection to enable STP.

blog | Insurance fraud detection

7 Key Industry Perspectives In The Fight Against Insurance Fraud

Digital transformations and frictionless fraud fighting are on our minds in 2021. Check out an overview of key insurance industry insights.

blog | Insurance fraud detection

Fighting Insurance Fraud: Appetite For Destruction?

It’s important for insurance carriers to link precision (or hit rate) to their risk appetite. If they don’t, it will be self-destructive.

blog | COVID-19

How Covid-19 Can Drive Safe Digital Insurance Transformation

As insurers drive digital change, it is important they remember to include fraud prevention as part of their digital toolkit.

blog | COVID-19

Coronavirus, where are we now?

The coronavirus creates circumstances for growing insurance fraud: pressure, opportunity and rationalization. Are you ready for it?

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InsTech London Podcast: How To Generate Bottom Line Savings With Insurance Fraud Detection

Identifying potential fraud creates savings direct to the bottom line - since 2006 FRISS has saved its clients over 1 billion dollars.

blog | COVID-19

Process Automation Momentum Calls For Real-Time Insurance Fraud Detection

When speed and safety come together, carriers can take full advantage of digital transformation – realizing high customer satisfaction and a healthy bottom line.

blog | COVID-19

Being there when you can’t be there

When traditional people roles become impossible, technology steps up to the plate.

blog | COVID-19

What We’ve Learned From Previous Crisis On The Rise Of Insurance Fraud

The help of an automated solution to identify the risks for each SME policy application or claim could save insurers a lot of stress and money.

blog | COVID-19

Coronavirus, what have you done?

The pandemic impacted the insurance industry in both predictable and unexpected ways.

blog | Insurance fraud detection

How Adding Authorized Media To The Claims Process Prevents Fraud And Saves Costs

By using authorized media, insurers can use their role to increase fraud awareness among claims handlers while expanding their capabilities.

blog | COVID-19

Keeping Predictive Fraud Models Accurate In Exceptional Times

COVID-19 did not break our predictive models. As the Head of Data Science for FRISS it makes me proud to remain in control during these exceptional times.

blog | COVID-19

Customer Satisfaction in Times of Crisis

COVID-19 is causing economic hardship for consumers, businesses and communities. Insurance companies play a vital role during times like this .

blog | Underwriting

Information is Power

For underwriters, the term “informed decision” takes on new meaning when it comes to effective risk selection.

blog | COVID-19

Thwarting COVID-19 Claims Fraud

The lines of right and wrong are easily blurred in times of economic crisis. Tom Hawkins and Dan Gumpright discucss how to avoid claims fraud during the Coronavirus pandemic.

blog | COVID-19

Insurance Fraud in Times of Crisis

Insurers must be prepared for the inevitable increase in fraud that occurs during times of crisis.

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Reaching Operational Excellence Through Technology

Advanced technology is an essential part of the insurance industry and is assured to mature even more in the coming years.

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Beneficial Owner & Compliance Screening: From Obligation to Business Value

Recent monitoring has shown that KYC screening by financial institutions is below par. How to turn the compliance obligation into profitable risk analysis?

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What We Can Learn About Insurance Fraud Reading Malcolm Gladwell’s Talking to Strangers

Have your claims handlers do what they do best: provide tender love and care for the customer, changing their moment of misery into a moment of magic.

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A View on the Future of Insurance Fraud Analytics

Now is the time to revolutionize your insurance fraud analytics capabilities, enabling AI-powered triage to serve your honest customers exceptionally fast.

blog | COVID-19

How Has Data Science Transformed Insurance?

With the advancements in data science, it’s becoming easier to create unbiased models that play a part in decision-making and claims processing.

blog | Insurance fraud detection

Turning the Tables on Trust

Trust is a two-way street when it comes to claims fraud detection and risk selection, but there’s a good ending to the story.

blog | Underwriting

New Forms of Distribution in the Insurance Market: An Irreversible Fact?

Distribution channels have changed enormously since the internet era. The web is taking over the role of intermediaries, and taking over their power.

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Tackling ITC 2019

One of the largest insurance conferences had more to offer than we could handle in a mere two days. Here’s a snippet.

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Live Blog | FRAUDtalks 2019

FRAUdtalks 2019 live blog. Stay ahead of the fraud game and follow our live blog today. Don't miss anything and stay connected.

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The IT Perspective to Completing Insurance Fraud and Risk Projects

Fraud detection can be addressed in this journey of digital transformation because it is more about the data. There are a lot of possibilities to use AI.

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Honest Chocolate & Honest Insurance

In a world that’s not as honest as it should be, two Dutch companies dare to do something about it.

blog | Insurance fraud detection

The Importance of a Fraud-Fighting Culture at Insurers

A fraud-fighting culture is more than just an automated detection system. It’s the people that work with it who are important. It’s also the organization around it.

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Garaging: What Lurks Behind Closed Doors?

New tools ensure vehicle details are what their drivers say they are.

blog | Insurance fraud detection

Improving Customer Experience with Predictive Risk Assessment and Fraud Checks

97% of your customers are “good” customers. By using the right technology, customer experience and loyalty improve significantly.

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How Liars Tell the Truth

Nico Declercq is a criminal investigator experienced in interviewing subjects. As an expert in body language and lie signal detection, to him an investigation ultimately comes down to truth detection, not lie detection.

blog | Special Investigations

The Netherlands Launches Test Case: Insurance Fraudsters in Court Without Police Investigation

The Public Prosecution Service hopes that the higher number of criminal proceedings against fraudsters will also have a deterrent effect.

blog | Compliance

How to Prevent Reputational Damage by Applying Customer Due Diligence

Regulators are conducting robust research on compliancy. Results: the financial sector fails to control customers on Sanction lists, Auditability and CDD.

blog | Insurance fraud detection

A Win-Win: Improving Loss Control and Customer Experience

Education, communication and modern technology all pair well together. When used the right way, insurers can improve their bottom line and win their customers’ loyalty.

blog | Insurance fraud detection

Creating Moments Of Magic by Instantly Settling Legitimate Claims

What better experience then taking the mobile, entering the damage on a 3-D Model, make pictures, send them to the insurer and get a “yes we’ll settle”. That is ClaimLine.

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Insurers Realize More Efficient Operations Thanks to Automated Risk Scores

Allianz Benelux: “We not only achieve savings by preventing and resolving fraud, but also by optimizing fraud investigations and subsequent prosecution.”

blog | Insurance fraud detection

Staged Accidents and Insurance Companies

States like Florida are playgrounds for retirees – and the fraudsters who prey on them. We discuss how staged accidents happen to unsuspecting seniors.

blog | Insurance fraud detection

The Importance of Data for a Holistic View on Insurance Risks

Information on the insured persons and assets, claims and detected fraud helps in making well-founded judgements about risks and the value portfolios.

blog | Insurance fraud detection

Core System Implementation and Fraud Fighting go Hand in Hand

Changing a core system is a fundamental process, but this does not have to lead to postponement of the introduction of automated risk analysis.

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No Fault: Making Insurance Fraud Friendly

No fault coverage can be a beacon for fraudsters. So how do we keep them at bay?

blog | Special Investigations

How a Storyteller Catches a Terrorist

Peter de Kock is a film maker and former law enforcement professional. In 2014 he published his PhD thesis on predicting criminal behavior through a model based on narrative scenarios.

blog | Insurance fraud detection

Leveraging AI and Data to Improve Underwriting and Claims Capabilities

Successful insurance companies will think longer term and focus back on the essence of insurance: covering risks for the customer.

blog | Special Investigations

Camera Data Betray Fraudulent Customer

Images are often requested by insurers, but checking whether a photo corresponds to the damage hardly ever takes place. What to do about that?

blog | Insurance fraud detection

The Fraud Triangle – An Understanding from a P&C Insurance Fraud Perspective

The Fraud Triangle, developed over a half-century ago, still holds true today, and explains what it takes for fraud to happen and how it can be stopped.

blog | Insurance fraud detection

ILC: Shaping the Future of Claims

ILC did a fantastic job in showing that shaping the future is done today. The way we take care of motor claims will be different in due time.

blog | Insurance fraud detection

Research Proves Insurers Lack on Fraud Detection

In 2018 the Danish insurance association, Forsikring & Pension, states that Danish insured people pay way too much for their premiums because of insurance fraud.

blog | Underwriting

Commercial Insurance – Fighting Fraud With One Hand Tied Behind Our Backs

We need to do a better job at Knowing Your Customer. How can we achieve that when the industry standard data capture does not lend itself for this purpose?

blog | Insurance fraud detection

Claims Modernization – Where Moving from Legacy Matters Most

For insurers of all sizes, market conditions necessitate legacy modernization.

blog | Insurance fraud detection

Fighting Fraud in the Information Age

Nicolas Michellod (Celent): "While the enemy of insurance fraud is not new, the weapons and battle ground are continuously changing."

blog | Special Investigations

You Are Never Too Old for Insurance Fraud!

Not all elderly people commit insurance fraud, but the insurance industry can no longer afford to ignore fraudulent claims made by senior citizens.

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What we “Dug Out” of DigIn

There was a lot to experience and learn as this year’s DigIn conference. We share our top 5 takeaways and our Best in Show Demo.

blog | Insurance fraud detection

No Fraud Flags? No Problem!

Insurers need not worry if their previous fraud cases aren’t flagged. Implementation of fraud detection software can still be an easy task.

blog | Insurance fraud detection

Embedded Technology in Cars is Pressuring the Loss Ratio of Motor Insurers

The loss ratio of motor insurers is rising due to the amount of embedded technology in modern cars. Car insurers now reduce costs by investing in STP.

blog | Special Investigations

Medical Provider Fraud Could Never Happen to Us… Think Again!

How did 15 chiropractors worked together to rack up millions in fraudulent claims and kickbacks?

blog | Compliance

Insurers Lack Compliance With Sanction Law

Research has indicated that insurers are not taking enough precautions to avoid infringement of the Sanction Law (SL). Discover how to overcome this.

blog | Insurance fraud detection

Honest Insurance for Honest People

FRISS was created when we saw many insurers had not developed their fight against fraud and that ultimately the customer paid the price for this.

blog | Insurance fraud detection

How Munich Re Creates Added Value Through Automated Fraud Detection

As the leading global reinsurer worldwide, we appreciate that our clients expect excellence from Munich Re. That is why we need to offer top class solutions in order to remain relevant to our customers.

blog | Insurance fraud detection

High-tech Motor Claims Fraud Calls for Advanced AI Solutions

Fraud has gone high tech, with the potential damage that hackers using the internet is becoming a real danger. Advanced AI software can pick this up.

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Automatically Detect Manipulated Images in the Claims Process

Nowadays many insurers are thinking about how to handle the ever growing digitalization which applies to several processes and is increasing exponentially. Growing digitalization Already...

blog | Underwriting

Building Trust in the Digital Age

Online shopping isn’t just for clothes anymore, so how do insurers keep up? Trusting your customers is an important step to gaining and retaining them.

blog | Underwriting

How AI Helps Insurers Avoid Major Risks And Raise Customer Satisfaction

Cyber security risks and business interruption are the most serious threats facing insurers worldwide, according to a report by Allianz Global.

blog | Compliance

How Precious is Your Privacy?

Privacy is very precious. But it is a double-edged sword. As we see the value of all this data, we can use it. But we also know it can be used against us.

blog | Compliance

Our Customers Are Obviously Not Terrorists. Right?

No financial organization wants to consciously or deliberately cooperate in money laundering practices or even terrorism, and that certainly applies to insurance companies.

blog | Underwriting

Internet of Things a Goldmine for Insurers?

The Internet of Things is here and it's growing exponentially. For insurers this appears to be an untapped area that indeed holds certain obstacles, but at the same time has the potential for great opportunities.

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A Phased Approach to Fraud-Fighting Efficiency

The right tools, along with a data batch model, can be a powerful start for insurers still on the digital transformation path.

blog | Insurance fraud detection

Exchange of Claims Information between Insurers in Europe

Verifying claim legitimacy is one of the most essential tasks of an insurance company. Companies in Europe work together to prevent fraud, despite strict regulations.

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Identity Fraud – A Golden Business

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.

blog | Underwriting

Comparing insurance distribution channels: 5 key take-aways

Distribution channels in the insurance business sector are changing rapidly. This isn’t surprising considering technology changes even more rapidly, and consumers change along with it. Will the cloud beat the agent, or will they be joining forces?

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How Do You Choose The Winning Platform In Order To Reach Platform Paradise?

Jeroen Morrenhof (FRISS CEO) believes that the importance of platforms can never be overemphasized. How to reach platform paradise for your core system?

blog | Insurance fraud detection

Fraud Prevention: The Insurtech Insider Podcast ft. George Herber

In this 11FS podcast insurtech experts give you the very latest in fraud prevention in insurance.

blog | Insurance fraud detection

How to Align your Organization When Starting an Anti-Fraud Project for Insurance?

You acknowledged that you (and fraudsters) are working in a digital insurance working space, which requires fraud fighting technology accordingly. Now what?

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Identity Blockchain: The Solution To The Weakest Link In Our System

Blockchain is much more effective than centralized solutions which are an open invitation to hackers, with all additional costs.

blog | Special Investigations

Leveraging Artificial Intelligence for Automatic Image Analysis

Artificial Intelligence (AI) is required to process large amounts of information and convert it into applicable knowledge and insights.

blog | Insurance fraud detection

Identity Fraud – Automated Detection Systems Protect Both Insurers and Citizens

With a well-organised automated risk analysis and fraud detection, the chances of fraudsters getting into the portfolio become considerably smaller.

blog | Underwriting

Embedding Fraud and Risk Awareness in the DNA of the Company

Thanks to their modern data system and collaborative culture, INTERAMERICAN achieves a balanced insurance portfolio and good insights in risks they carry.

blog | Insurance fraud detection

How Nudges Reduce Insurance Fraud: Small Changes Make a Difference

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.

blog | Insurance fraud detection

Solving and Preventing Your Own Damage Claims: The Holy Grail?

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.

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Protection of Personal Data to Become Even Stricter

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.

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Putting Off Fraud Detection: Penny Wise, Pound Foolish

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?

blog | Special Investigations

The Journey of the Stolen Object

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.

blog | Insurance fraud detection

How Drones Can Help Determine Value, Damage And Detect Fraud.

A drone can quickly collect a large amount of footage of the affected property and its surroundings. In addition, photos can also be taken of places that are dangerous and difficult to access. These insights help the experts to quickly arrive at the most accurate cost tag.

blog | Insurance fraud detection

Insurance Fraud Cases Doubled: Insurers are More Effective in Fraud Detection

Insurers are now better at detecting who is committing fraud, when they are committing fraud and what kind of insurance is involve. Insurers are getting smarter and more effective in detecting fraud.

blog | Insurance fraud detection

5 Reasons Why Insurers Should Start With Automated Fraud Detection

Across the globe, insurers are modernizing core systems, starting online channels and automating fraud prevention tools. Organizations need to orchestrate this properly.

blog | Special Investigations

Mirror, Mirror On The Wall: Fact-finding And The Motive Of Fraudulent Clients

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.

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Insurers: Go Cloud or go Home? SaaS Versus On-Premises Applications

Until about ten years ago, insurance company IT managers and compliance managers would never consider storing their data off-site. An increasing number of companies are nowadays immediately opting for SaaS when they purchase a new system or a new application.

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Recognizing fraud starts with front office staff

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.

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7 Ways for Insurers to Stimulate Honest Behavior

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.

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Netflix for Insurers: Preventing Fraud with Predictive Modeling

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.

blog | Special Investigations

Fraud: it is as old as time

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.

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Seize the Opportunity of Digital Transformation to Fight Insurance Fraud

The insurance industry is transforming digitally and most insurance companies have set their first steps. The benefits strongly outweigh the risks.

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A Fraud Aware Organization is Key to Prevent Insurance Fraud

In order to fight fraud effectively, it is critical to establish fraud awareness throughout the entire organization.

blog | Special Investigations

The fast changing role of fraud coordinators and investigators: ‘Adieu Poirot, welcome CSI!’

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.

blog | Insurance fraud detection

Why We Are All Fraudsters

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.

blog | Insurance fraud detection

Fraud: the last great unreduced business cost

Fraud is a challenging problem. Its economic effects are significant; less financially stable and profitable companies, worse public services, diminished levels of disposable income for all of us, charities deprived of resources needed for charitable purposes. In every sector of every country, fraud has a pernicious impact on the quality of life.

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The time to unite in the fight against fraud is now

Given the initiatives that are deployed and the growing fraud awareness, the momentum to really start cooperating seems to be right now. Commercial reasons should not prevail over the advantages of working together. The benefits are obvious.

blog | Underwriting

Insurance aggregators: the race to the bottom price only has losers

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.

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Hard data: much softer than we think

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?

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Insurers struggle with innovation

Innovation is not something that can be reached within a day. It requires serious efforts, a clear vision and, most of all, dedication. Replacing legacy systems is a head-aching operation, let alone the risk of losing valuable data on policies, claim history and customer contacts.

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Insurance and Technology: a Match Made in Customer Heaven?

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.

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Social Media and Digitization in the Fight Against Insurance Fraud

How convenient would it be for insurers if they could just add individuals on Facebook, Twitter, Instagram or any other social media platform in order to track & trace behavior? This would give insurers a powerful weapon in the fight against fraud.

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Is Access to Public Data an Utopia For Insurance Companies?

Access to public data would be a breakthrough in the fight against fraud, as fraudsters are getting smarter in their attempts to evade the insurer’s radar. This data can not only benefit fraud management during the claim process, but also be valuable during risk assessment at underwriting.

blog | Underwriting

Fighting Insurance Fraud Effectively by Aligning Underwriting and Claims

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.

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How Can Insurers Work Together to Fight Fraud by Organized Crime?

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.

blog | Underwriting

Data Verification is the Key to Better Risk Mitigation During Underwriting

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.

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Fraudsters on the Move: Insurance Staff Targeted for Customer Data

The Insurance Fraud Enforcement Department (IFED) is warning insurance staff about approaches by fraudsters trying to get access to customer data. Reports indicate that criminals are on the move to target personnel in cafés, public transport or social media.

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Identity Fraud in the Insurance Industry: What’s in a Name?

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.

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Increasing Loss Ratio, Decreasing Premiums

Profitability within the motor insurance industry is under pressure. The loss ratio keeps growing while premiums are being squeezed.

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Insurer and Insured Pay a High Price For a Low Premium

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.

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Telematics: a Fast Reward for Good Behavior

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.

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Fraud Ring Busted by Joint Effort Insurers

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.

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Insurers Need to Become More Transparent About Claims Payout Details

The chance of pay-out for insurance motor claims is 99%, states the Association of British Insurers (ABI). The move is part of a push to improve the industry’s image, which many people inside and outside insurance see as a weak spot.

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Insurers Should Think More as a Fraudster

The insurance industry should become more streetwise in its approach towards insurance fraud. Fraudsters are getting smarter and more organized in their attempts to evade the insurer’s radar.

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How to Minimize Repair Fraud?

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.