Summary
Through technological advancements in data sharing and data analysis -- such as link analysis, data visualization, predictive modeling and other analytics -- insurers today can anticipate, detect and prosecute fraud more quickly and forcefully. And every dollar invested in fighting fraud can return significant savings to the bottom line. Along with data collection and analytic methods to identify potential fraud, insurers can use technology to improve claims work-flow. Such advances help in managing claims investigations more quickly and effectively. Technology is also helping underwriters confirm information to reduce policy application fraud. One essential ingredient to combat misrepresentation at the underwriting stage is to catch inconsistencies between what the applicant reports and information available from third-party sources.
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Extract
Fraud-Fighting
Through technological advancements in data sharing and data analysis - such as link analysis, data visualization, predictive modeling and other analytics - insurers today ca...
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