Monitoring online transactions and controlling fraudulent activities is a major challenge for companies in the insurance services sector
Leading insurance company overcomes financial roadblocks using fraud analytics. (Credit: David Schwarzenberg from Pixabay)
Quantzig, a premier data analytics and advisory firm, that delivers actionable analytics solutions to resolve complex business problems has announced the completion of its recent fraud analytics engagement. This success story sheds light on the importance of tackling fraud in a highly competitive and rapidly changing environment like the insurance sector.
Monitoring online transactions and controlling fraudulent activities is a major challenge 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. As a result, business leaders are now leveraging fraud analytics solutions 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.
Quantzig’s fraud analytics solutions have helped companies to capture customer behavior data from multiple sources and analyze inconsistencies every time a transaction is processed. Contact our analytics experts to gain better insights into our portfolio of analytics solutions.
“Monitoring fraudulent activities is crucial for insurance companies if they wish to sustain a leading edge in the post-pandemic world,” says a fraud analytics expert at Quantzig.
The Business Problem: The rise in fraudulent activities made it challenging for an insurance service provider to drive business outcomes. The client wanted to adopt a holistic approach to monitor transactions and analyze the data collected for potential fraudulent behavior.
The Solution Offered: Our fraud analytics solutions provided adequate insights into the data obtained from the suspect entity and other associated entities. Leveraging fraud analytics also 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. Moreover, integrating this data on a single technology platform offered them the flexibility to scale up and respond faster to new threats.
Quantzig’s fraud analytics solutions 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
Source: Company Press Release