Last year, we were able to save the industry over 1 billion dollars, by fighting and preventing fraud. And today, I want to share the main learnings we had in doing over 200 implementations worldwide.
Digitalization, cost reduction and the focus on the customer experience have been promoted on the global insurance agenda. In these digital journeys, where there’s less human interaction, is actually a bonus for every fraudster. It’s much easier to lie to a computer, than it is to a human.
It’s not just organized crime. We’ve also seen an increase in opportunistic fraud, where companies and ordinary people claim more to make up for a loss of income.
So, what can you do? One – be proactive. Monitor your current customers and look for strange patterns that might lead to opportunistic fraud. Two – Focus on your genuine customers and give them the best experience they are entitled to. Three – enable data driven decisions throughout your entire policy life cycle, to protect your business from high risks. And four – close the loop. Make sure your claims and underwriting get smarter from these proven fraud cases.
One of the reasons I founded FRISS is because I believe Insurance is a beautiful thing. And together, we can make it more honest. If you want to be part of that mission, or if you want to learn more, please feel free to reach out to me directly. Because in the end, fraud should not pay off, and we’re all in this together.
See more of our videos on fraud prevention here.