Insurers – facing continued uncertainty about profitability, pressure on pricing and low interest rates on their fixed-income investments – are focusing on ways to control costs and improve overall risk management. Fraud control is an area with strong potential for increasing insurers’ profitability.
According to a recent Accenture survey conducted among property and casualty insurers, over the last three years 71 percent of respondents experienced an average increase of 10 percent in the number of fraudulent claims processed.
Accenture can help insurance companies develop a claims analytics platform that uses a common infrastructure, scaled horizontally and that includes a broad range of models, including those for addressing injury, subrogation, litigation and large loss claims. These solutions can help insurers create value and improve their return on investment.
Fraud analytics is a critical component of an effective fraud management strategy where deterrence and control are as important as detection and where the combination of a vital role for human / soft skills as well as technology, is crucial.
Accenture’s managed analytics service is highly effective at fraud detection, but can also be expanded to address other claims issues.
The broad use of analytics and statistical tools and methods, along with improved productivity in managing claims and a reduction in payments for fraudulent claims, can help insurers generate important cost reductions.