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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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blogs

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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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