Fraudsters lurk in the shadows of insurers’ underwriting and claims handling processes, exploiting gaps and weaknesses in complex systems. When a loophole is exploited enough for the pain to be felt and recognised in loss terms, a light is pointed at that area of shadow but fraud then moves to other dark recesses.
Fighting this shifting enemy is tough. Each case needs attention but there are too many cases for even the largest teams to address each case. So historically focus falls on the ‘big wins’. There are however huge sums being wasted in the sheer volume of unaddressed fraud that falls below the priority threshold.
This is where technology developed by 360Globalnet is playing a crucial role for more and more insurers. We help claims and fraud departments to examine fraud markers in every single claim by using technology that doesn’t get bored, tired or complacent. By unlocking the reservoirs of unstructured data that build up in case management – including PDFs, scanned documents, text in images, emails and free text – we make them fully searchable. This can open millions of claims a year to detailed analysis and flagging.
Our unique unstructured data analytics platform - 360Retrieve – offers insurers around the world deep insight into the claims trends and patterns that can not only identify and combat fraud but help prevention and foresight too.
We use customisable rule sets to flag potentially fraudulent claims in real-time: a forensic approach to all data that doesn’t just analyse claims at FNOL but continually tracks them throughout their entire lifecycle, flagging irregularities at any point to anti-fraud teams.
360Retrieve plays a valuable role in claims analysis for leading insurers and now, with our latest updates, its ease of use and configuration are transformed. Under the bonnet it is massively sophisticated technology but, at a user level, it is an intuitive and easily configurable partner to drive your anti-fraud strategy.
Before claims managers sit down with a coffee each morning, 360Retrieve can analyse claim at a micro level throughout night, highlight and flagging suspected fraudulent claims for further analysis. Savings follow at every stage with users enjoying rapid and multiple returns on investment with the savings produce.
Data is everywhere and it is key to combatting fraud. So why not ensure you see 100% of the data in your systems – unstructured and structured – by letting 360Retrieve take the guesswork and repetition out of successful fraud management. Get in touch today to discover more. We’d be delighted to provide a no-obligation demonstration using your own data.
Here's the link to more information about how we can help you with fraud detection.
All our unstructured data services can be found here.
Information on how we can help you with the whiplash reforms and OIC portal.
And run-off and legacy insurance analysis too.
Click here to find out more about digital claims.