For the latest edition of its OnWindows magazine, Microsoft has interviewed FRISS on the effectiveness of insurance fraud analytics during the claims process.
CTO at FRISS Christian van Leeuwen underscores the value of analytics at claims, but stresses the importance of already eliminating risk at underwriting. “A combination of risk and fraud prevention in the underwriting process with real-time fraud detection and analytics in claims can improve the combined ratio up to 5%,” says Van Leeuwen.
In addition, insurers profit from more than just monetary benefits when using advanced business software solutions. Optimized processes combined with insurance fraud analytics can enhance customer satisfaction and build loyalty.
Patti Griffin, Global Product Lead at Accenture Duck Creek, explains: “Whether it’s flexibility to initiate and track a claim through a customer’s preferred communication channel or improving operational efficiencies, insurers need to be able to engage, process and resolve claims quickly and accurately.”
Straight-through-processing (STP) of both claims and insurance applications is necessary to improve the business processes.
“Key to achieving this is to automate what can be automated, and streamline what cannot be automated to make it more efficient,” Griffin clarifies.