Fraud Management Solution detect and prevent fraud business accurately and efficiently thanks to its powerful predictive engine. The predictive tool is able to anticipate new types of fraud and even detect uncovers scams, reducing fraud losses of insurance companies.
Fraud Management can be applied to different types of fraud in the insurance industry:
- Home insurance fraud
- Insurance coverage over multiple policies
- Hide or falsify information on policy application
- Fake theft
- Fake casualty
- Change the facts
- Fake coverage insurance policy
- Exaggerating the incident
- Murder or pretending to die to receive the benefits of life insurance
- False billing medical expenses
What dVelox Fraud Management provides insurance companies
- Increased efficiency by 35% on average in fraud detection, which represents insurance companies a significant cost savings and resources to detect fraudulent transactions.
- Increase over 10% on average in detecting new types of fraud arising in the market , that allows anticipating them and make accuracy and timely decisions.
- Fewer false positives, insurers concentrate their efforts on those with most economic impact and accuracy.
- Explanatory analysis and precise operations by customers to early fraud detection, as fake coverage policy, fake accidents, multiple insurance coverage, etc, this allows to evaluate the connection between variables and reduce losses of insurers.
- Increased reduction over 50% on average time to detect fraud, which is reduced by saving effort and human capital dedicated to preventing and analyze cases of clients committing fraud.
- Greater independence from fraud experts, does not required to have knowledge of mathematics and statistics to use the tool.
Benefits of dVelox Fraud Management for a insurance company
- Speed and accuracy in the integration of information (data quality)
- Optimization of resources by focusing on cases that the tool detected as fraudulent
- Determines new types of fraud quickly and accurately
- Greater accuracy in detecting new fraudulent transactions
- Detailed analysis and explanation of fraudulent transactions in real time
- Predictive Software easy to use math skills are not needed