The Power of Data and Analytics in Insurance Fraud Detection
The problem for cyber security in the life insurance sector is very severe, as is the case in other sectors such as banking, healthcare, etc. The insurance industry has a huge amount of client data and clients have a lot of confidence in the organizations with whom they do business. What is insurance fraud detection? The insurance industry is moving to a contemporary paradigm that focuses on risk mitigation and prevention instead of financial loss compensation. This is driving the development of new insurance ecosystems and the latest generation of rivals. However, many insurers stay threatened by legacy infrastructure, siloed applications and absence of understanding on the importance of insurance analytics. This is exacerbated by M&A activities and by raising customer requirements for the use of new technologies. In addition to this, insurers are compelled to innovate in the field of consumer experience in business applications, such as mobile applications to create claims ...