CASE STUDY

Fraud Analytics Helped an Insurance Service Provider to Overcome Revenue Losses and Uncover Significant Savings Opportunities

Aug 20, 2019

The client is a leading player in the insurance sector based out of the UK. They wanted to leverage fraud analytics solutions to monitor fraudulent activities and financial risks in the organization. They approached Quantzig to leverage its expertise in fraud analytics to gain much-needed insights into false claims and overcome revenue losses.

Tackling fraud in a highly competitive and rapidly changing business environment is one of the major challenges for companies in the insurance services sector. To tackle insurance frauds, companies are focusing on developing robust solutions to categorize and prioritize suspicious activities affecting their business operations. Moreover, to identify potential fraud, companies need to look at relationships in the data and compile information from disparate systems. This is where fraud analytics solutions can help. By leveraging fraud analytics solutions, insurance companies can explore historical data to identify repeat offenders and uncover new savings opportunities by integrating different audit records and applying risk and value-based scoring models to prioritize output for investigators.

Our analytics experts can help you stay on top of shifting tactics and new fraud schemes. Get in touch with them right away!

Business Challenge

The client, a leading insurance services provider, was finding it difficult to analyze their data to identify fraudulent activities.  The client wanted to adopt a holistic approach to an effective approach, monitor the transactions as they occur, and further analyze the data collected for potential fraudulent behavior. By leveraging fraud analytics solutions, the client wanted to cater to the specific needs of the customers and provide better customer satisfaction.

The major challenges faced by the client were:

  • Minimizing financial risks
  • Managing fraudulent insurance claims
  • Gaining better insights on the potential threats and transaction risks

Quantzig’s fraud analysis approach helps companies to capture customer behavior data from multiple sources and analyze it for patterns and inconsistencies every time a transaction is processed. Request a FREE proposal to gain better insights into our portfolio of analytics solutions.

Solutions Offered and Value Delivered

Quantzig’s fraud analytics solutions provided adequate insights into the data obtained from the suspect entity and other associated entities. Quantzig’s fraud analytics solutions simplified the client’s data integration process and enabled them to combine all internal, external, and third-party data to create a better predictive model tuned to their organization’s needs. Bringing together this data on a single technology platform offered them the flexibility to scale up and respond faster to new threats.

Also, by leveraging our fraud analytics solutions, the client was able to transform and innovate internally as well as provide better services to their customers. Additionally, the solution offered helped the client to gain in-depth clarity on the risks associated with transactions and conduct safe business activities with their valued customers while identifying and denying access to persistent fraudsters. As a result, the client gained better financial stability and was able to increase their overall operational efficiency.

Quantzig’s fraud analytics solutions can help companies to detect, prevent, and manage fraud in real-time on a single platform. Request a FREE demo to know more.

Quantzig’s fraud analytics solutions also helped the client to:

  • Respond faster to new financial threats
  • Reduce false positives for better customer experience
  • Identify and respond to suspicious behavior in real-time

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