Insurers Still Ineffective At Tackling Fraud: Ovum

Professional insurance fraud is a growing problem, and the need for effective fraud detection is now an urgent priority says Ovum. Although most insurers have invested in fraud technology to some degree in the past five years, the majority of this investment, while beneficial, has been piecemeal. With a current focus mainly on the claims phase, insurers must reassess their fraud strategy and how technology is currently being utilised to combat the growing threat. Customer-interaction points including policy application and underwriting in addition to claim notification must be taken into account to improve the effectiveness of fraud systems.

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