Fraud Analytics for an Insurance Services Provider Helps Adopt Sophisticated Fraud Management Practices Across Business Units

Jul 3, 2018

What the Client Wanted

The insurance services provider wanted to understand how fraud analytics could help them spot the fraudulent activities that were potentially occurring in their organization.

The Outcome

Gained better clarity on the potential risks of transactions.

Summary of the insurance services industry

The global insurance services industry plays a key role in the economic and financial development of any country. Firms operating in the insurance services sector help pool risks and minimize the impact of financial losses with a focus on influencing innovation, investment, and output. The development of new technological innovations with every passing year is expected to change the global landscape of the insurance services industry. Factors such as low revenue growth and modest investment returns have proved to be a misery for insurance companies – compelling insurance services industry firms to make the most of the business value that has been built up over the years.

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Industry Challenges

Innovation: The lack of innovative capabilities, lack of dedication to core priorities, and siloed operations are a few internal challenges faced by insurance service providers. Such factors explain the fundamental problem of the global insurance industry, where technical advancements along with the accelerating consumer power are driving analytics behavior. 

External challenges: Factors that pose other major challenges include the implementation of technologies, enhancing digital channel capabilities, and changing customer preferences. The three external factors undoubtedly form a clear constellation – changing behavioral patterns, notably the preference for digital platforms, which underlie insurers’ preoccupation with technological evolution to a large extent.

About the Client

A leading insurance services provider based out of the US.

Client’s Challenge

The client – a leading provider of insurance services – was facing predicaments in analyzing their data and identifying the potential frauds and risks. The client wanted an effective approach to fraud analysis-based methodologies, monitor the transactions as they occur, and further analyze the data collected for potential fraudulent behavior. This would help them cater to the specific needs of the customers and provide better customer satisfaction.

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Business Impact

With the help of Quantzig’s fraud analytics solution, the insurance services provider was able to effectively manage frauds and maximize ROI. The insurance services provider was also able to leverage fraud analytics to transform and innovate internally as well as provide better services to their customers. Additionally, the fraud analytics solution provided by Quantzig helped the client gain better clarity on the potential frauds and risks of transactions.

Fraud Analytics Insights

Quantzig’s fraud analytics solutions enable firms to conduct safe business activities with their valued customers while identifying and denying access to persistent fraudsters. These solutions also provide firms with greater stability to financial systems and increase their overall operational efficiency. Furthermore, firms can adopt sophisticated fraud management practices across their business units.

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