10% to 30%

of all property & casualty claims are fraudulent

$4 Trillion

 the total annual premiums collected by the insurance industry

$250

the annual cost to the average policyholder due to insurance fraud.

Insurance

Property & Casualty, Life and Health

Digitization in Insurance

The Challenge

The global insurance industry represents a staggering $4 trillion premium volume.  Insurance companies conservatively lose over $30 billion per year in insurance fraud, a cost that inevitably gets passed along to individuals and businesses in the form of higher premiums.  Estimates vary, but generally, 10%-30% of all claims are believed to be fraudulent.

The Solution

In personal lines and commercial lines, Fraud.net can help insurance companies focusing on fraud and loss prevention as well as efficiency.  Machine learning models are expertly engineered with the nuances of your industry already built in. Adaptive scoring performs a detailed analysis and delivers a single risk score.

Recommended Products & Solutions

AI-powered claims scoring and management

Insurtechs, serving retail clientele via online and mobile channels, offer greater convenience to younger, digitally-savvy segments.

To remain competitive, insurance companies must continue to digitize, then apply all the benefits of machine learning and artificial intelligence throughout their risk management, pricing and claims processes and workflows.

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Unlock Extraordinary Opportunities

Deep in the terabytes of data your organization produces every day, there are hidden, potentially game-changing, insights.

Unifying data and extracting intelligence is now possible using modern technology. Deep dive into your business with more granularity than you thought possible. Innovations will become clearer and strategies will become more obvious.

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