Fraud is Just a Click Away: Combat Claims Fraud in Digital Insurance

By establishing a robust fraud risk control framework, insurers can protect their digitised insurance business from the financial risks of claims fraud. Elements that are critical to sustainable growth include automated fraud detection and fraud risk screening for new customers.

Our IBNR Expertise:

IBNR’s claims and fraud expert and fraud technology consultant can analyse, advise and upskill at any stage of a fraud control consult, as well as provide ongoing support and guidance for the future. Our expertise covers a vast number of specialist areas including:

• Best-in-class principles for dynamic fraud risk control frameworks
• Fraud risk organisation, governance and performance
• Fraud technologies and relevant fraud performance metrics
• Best-practice benchmarks in claims fraud detection and control
• Practical solutions for effective fraud deterrence and prevention
• Fraud risk screening of new customers
• Financial impact of fraud

Our Services:

• Evaluating and selecting suitable fraud technologies and providers
• Cost-benefit analyses of fraud technology solutions in a proof-of-concept trial
• Estimating investment required to close gaps in fraud management controls and fraud technologies
• Advising on cost-effective fraud deterrence messages in the claims and underwriting process using proven deterrence methods
• Formulating calibrated fraud deterrence messages corresponding to the level of fraud threat
• Consulting on fraud risk evaluation and mitigation during product development