FRISS, the leading expert in fraud detection and risk mitigation for P&C insurance companies, has been listed as a Prominent Provider in a recent Novarica Executive Brief on Claims Fraud Analytics. The brief can be purchased or downloaded by Novarica clients on their website.
The brief highlights recent trends of fraudulent storm claims and an increasing number of claims associated with modern, low-touch claims processing. It also mentions the rise in fraudulent claim activity and repair/medical buildup costs, which are some of the many types of fraud FRISS can instantly alert insurance carriers to.
In his recent blog about medical provider fraud, industry veteran and FRISS VP of Products Jim Murphy remarks, “one way to detect organized medical provider fraud effectively is to incorporate modern fraud technology within your claims operation. Traditional methods simply can’t keep up.”
The Novarica brief highlights key differentiators of the FRISS Platform, including:
- Hybrid detection model, using predictive analytics, network analysis, text mining and more
- Integration of contributory, proprietary and third-party data
- Seamless core system integration and workflow capabilities
Novarica is not alone in recognizing insurers’ increased adoption of fraud analytics capabilities over the past several years. They highlight the importance of ongoing investments in modern fraud-fighting technology and embedding such solutions within an insurer’s core system.
While it’s not impossible for an insurer to create their own fraud solution, it’s far easier to rely on an expert who is 100% focused on staying ahead of today’s most advanced fraud schemes. Learn more in our Build vs. Buy whitepaper.
When choosing to fight insurance fraud, insurance companies must consider a number of factors. We recommend several smart questions to ask in our Fraud Detection Comparison Guide.