FRISS: Insurance Carriers Prioritize Fraud Detection and Prevention
CHICAGO--(BUSINESS WIRE)--Nov 19, 2018--Insurance fraud is a global problem. In the U.S. alone, insurance carriers lost over $34 billion in 2017 on fraudulent insurance claims. It’s a global problem with a growing number of technological solutions. Big data analysis and large-scale collaboration are key to fighting insurance fraud.
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Insurance Fraud Report by FRISS (Graphic: Business Wire)
The insurance industry is increasingly focused on preventing fraud through innovative systems, relying on the assistance of specialized vendors to help accomplish the task. The burden of detecting and reducing fraud, therefore, no longer lies with the individual insurer.
The 2018 FRISS Insurance Fraud Survey reached over 150 industry professionals and shows a clear picture of the current awareness and challenges of fraud detection and mitigation.
Key survey findings show:
Improvement is still needed
Much progress has been made in insurance fraud and risk detection over the past two years, and insurance companies still believe reducing fraud is both socially and economically important. When it comes to fighting fraud company wide, 30% still struggle with organizational buy-in. Consistently updated systems working with quality data allow carriers to make good decisions quickly. While industry awareness is growing, there are still many opportunities for improvement.
FRISS has a 100% focus on automated fraud and risk detection for P&C insurance companies worldwide. The AI powered detection solutions for underwriting, claims and SIU helped 150+ insurers to grow their business. FRISS detects fraud, mitigates risks and supports digital transformation. Insurers go live within 6 months, with fixed price projects, and realize an ROI within 12 months. The solutions help to lower the loss ratio, enable profitable portfolio growth, and improve the customer experience. www.friss.com
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CONTACT: Ruud van Gerwen
FRISS PR & Marketing
KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE INSURANCE
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PUB: 11/19/2018 08:00 AM/DISC: 11/19/2018 08:01 AM