With some estimates stating that one in 10 insurance claims are fraudulent across the globe, the ability to identify fraud before payment could revolutionise the industry.
As insurers and brokers focus more on cost-saving measures due to soft market conditions, the ability to shirk fraud costs could be one of the secrets to success in the future of the industry.
The insurance industry has always used some sort of data and analytics to price risk but using the same tools to reduce fraud is a relatively new practice. An increase in the availability of data, alongside advances in technology that allows real-time insights, is allowing the industry to connect the dots much faster and see a clearer picture of risk and loss potential.