Detecting fraudulent activities even before claim is filed and having a clear picture of prospective client before they enter your portfolio, raises underwriting profit side by side to claims importance in insurance companies’ processes. Aggregation of all available sources creates a single point of access to information about the prospective client. Classifying risk through historical behaviour and with real-time behaviour, FROPS offers insurers real-time support to on boarding business units and effectively trying to avoid high-risk policy holders and accept “good policy holders” faster.Download Brochure
Detecting fraudulent activities even before claim is filed and having a clear picture of prospective client before they enter your portfolio, raises underwriting profit side by side to claims importance in insurance companies’ processes. Aggregation of all available sources creates a single point of access to information about the prospective client. Classifying risk through historical behaviour and with real-time behaviour, FROPS offers insurers real-time support to on boarding business units and effectively trying to avoid high-risk policy holders and accept “good policy holders” faster.
In the most, markets, fraud leakage reduces by up to 10%, with FROPS breakthrough, technology more than half of this lost can be prevented. Impact on underwriting ratio is over 6%. This transforms fraud management department into key driver of profits in a highly competitive market. This is possible with the breakthrough accuracy rates in isolating policy application with high propensity for fraud and detecting fraudulent claims that slip through the net.
Salviol’s FROPS has demonstrated the following results for fraud detection in the insurance industry:
In addition to using internal information to best effect FROPS’ exploits predictive analytics and behavioural information from sources such as the integrated FROPS-OSINT (Open Source Intelligence) facility. This incorporates data from social networking sites (e.g. Twitter, Facebook, etc., blogs, Web, forums) as well as industry and government data bases.
A unique capability of FROPS is the ease with which Key Fraud Indicators (KFI’s) and Key Performance Indicators (KPI’s) can be combined into Key Fraud Vectors tuned to an insurance company’s specific business profile and risk appetite. This enables companies to perform checks on potentially fraudulent behaviour as well as other risk characteristics with precision. As a result, it is very effective in both ensuring that the business underwritten is well aligned with the insurers strategy and identifying fraud the is only manifested at the claims stage.
FROPS has strong investigation capabilities and a dynamic global key fraud indicators library. The Fraud department’s effectiveness is also enhanced by utilizing the industry’s leading behavioural analytics and machine learning technology which is embedded in FROPS.
A powerful feature of FROPS it that it can automatically generate new Key Fraud Vectors when a new fraud pattern is detected. Hence, emerging fraud patterns are detected and blocked by FROPS rapidly.
FROPS has been designed for ease-of-use. It incorporates guides on all aspects of how to use it well. It includes a facility for authorised business users to generate new KFIs without specialist IT knowledge. The effectiveness of fraud prevention is maximised by utilizing the industry’s leading behavioural analytics and machine learning technology to automatically generate new Key Fraud Indicators when fraud patterns shift. FROPS recognizes recurrence and statistically unusual behaviour and optimises the scheduling of investigations.
A market-leading feature of FROPS is that updates to the Key Fraud Vector catalogue are provided regularly by Salviol. These updates include key indicators related to new types of fraud schemes from across the globe.
New types fraud schemes initially seen in one geographical location often travel to other regions fairly rapidly. The Key Fraud Indicators that prevent frauds from a new scheme in one region are made available through the regular updates to Salviol’s Fraud Vector Catalogue to all its customers. Hence, protection against new types of fraud schemes can be often be implemented before the scheme takes hold in the insurer’s home market.
An important feature of FROPS is the highly flexible way in which of risk scores and therefore the Key Fraud Indicators can be managed. This enables FROPS clients to tune the platform with precision to their match their own risk appetite. It also enables them to respond rapidly to changing market conditions and any adjustments in their own business such as the introduction of new products.
Continuous Control Monitoring (CCM) monitors the processes within the organization as well as the currency of publicly accessible databases and black lists on an ongoing basis. It ensures that the fraud prevention processes are operating as planned and assures the integrity of the links to underpinning data sources.
FROPS uses statistical processing, predictive analytics and machine learning on an ongoing basis to identify and block new types of fraud schemes.
The FROPS platform incorporates powerful facilities for visualization and interpretation of anomalies in policy applications, or claims, uncovered either automatically by the platform or manually by an investigator.
By aggregating all the appropriate data, internal and external (from both structured and unstructured sources), FROPS creates a single point of access to all the information relevant to fraud prevention and investigation. This approach optimises data matching and data mining for the detection of suspicious patterns.
With its architecture the FROPS system can be integrated rapidly into diverse environments. Given its accuracy, and the precision with which it can be tuned to each insurer’s specific business model, FROPS consistently delivers a Return on Investment (ROI) in less than 6-12 months of the date of implementation. Given this track record Salviol provides a guarantee that the investment in FROPS will be returned to the customer if the platform does not deliver a Return on Investment within 12 months.
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