Claims Fraud Prevention

Insurance

Claims Fraud Prevention

FROPS is the most advanced fraud prevention platform for the insurance sector available today. FROPS delivers the step-change required in the accuracy, efficiency and speed with which fraud is predicted, detected and investigated. Simultaneously it enhances the satisfaction levels of policy-holders and brokers by expanding valid transactions and eliminating potential disputes during the policy lifecycle.

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Overview

FROPS is the most advanced fraud prevention platform for the insurance sector available today. FROPS delivers the step-change required in the accuracy, efficiency and speed with which fraud is predicted, detected and investigated. Simultaneously it enhances the satisfaction levels of policy-holders and brokers by expanding valid transactions and eliminating potential disputes during the policy lifecycle.


Business Impact

In many regions, fraud leakage reduces profits by up to 10 – 12%. With FROPS’ breakthrough technology more than half of this loss can be prevented. The corresponding improvement in the loss ratio is over 6%.

This transforms the fraud management department into a key driver of profits in a highly competitive market sector. The key to this is the breakthrough in accuracy rates for identifying policy applications with a high propensity for fraud and for detecting fraudulent claims that slip through the net.

Salviol’s FROPS platform has demonstrated the following results for fraud detection in the insurance industry:

  • Accuracy of detection of fraudulent claims improved by a factor of Four (4X)

Advantages

Find out how FROPS can help your business

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