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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.

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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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5 Trends in Fighting Insurance Fraud in 2019

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

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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.

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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?

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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.

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6 Learnings: How to Successfully 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.

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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.

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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.

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Embedding Fraud and Risk Awareness Successfully 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.

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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.

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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?

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Fighting Insurance Fraud a Priority in 2018?

As the awareness for insurance fraud detection and prevention is growing, 2018 might be the time to start in order not to fall behind.

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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.

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Insurers Take to The Sky. Drones 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.

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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.

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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.

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Mirror, mirror on the wall: on fact-finding and the motive of the fraudulent client

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.

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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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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.

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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.

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Data is the biggest challenge in the fight against fraud

The biggest fraud challenges for insurers are related to data: issues with data protection and privacy, inadequate access to external data sources and problems with internal data quality.

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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.

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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.

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A dose of vitamin E for a healthy insurance portfolio

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?

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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.

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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.

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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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The ongoing discussion between insurers and car repair shops

The insurer and the repair shop are not on the same page when it comes to repair estimates. They both have the feeling the other party is calculating in its own favor in order to push revenues or reduce costs.

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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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Working together in the fight against insurance fraud

On 21 and 22 January FRISS has shared knowledge on the 5th Uniglobal Claims Management Conference in Prague, Czech Republic. FRISS’ presentation was marked by the question: how can insurers better cooperate in the fight against organized insurance fraud?

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INFOGRAPHIC: Impact of external forces on the non-life insurance industry in 2016

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.

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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 and maximize the effect of claim experts?

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.

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High-tech motor claims fraud: A faceless threat

Fraud has gone high tech and hackers using the internet can become a real danger. Now the industry is starting to use high-tech methods to fight back.

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The future is now!

On Thursday 22 October a completely new FRISS website was launched by the entire FRISS Team at the company headquarters in Creative Valley, Utrecht. State-of-the-art solutions require a state-of-the-art website.

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