Underwriting Fraud

Insurance

Underwriting Fraud

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.

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Overview

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.


Business Impact

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:


97% Accuracy Rateat the underwriting fraud prediction stage
10% Reductionin fraud leakage
6% Impacton underwriting

Advantages

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