Insurers are increasingly challenged by unexpected business interruptions as they struggle to provide quality customer experience and drive profitability. Adopting the right data-driven technology in the age of digital transformation is crucial to property and casualty (P&C) insurance, life and non-life carriers, and payers alike to ensure a streamlined approach to claims processing, business optimization, rapid fraud detection, risk and loss assessment, and customer retention.
Financial fraud takes countless forms and involves many different aspects of business including; insurance and government benefit claims, retail returns, credit card purchases, under and misreporting of tax information, and mortgage and consumer loan applications.
Combating fraud requires technologies and business processes that are flexible in their construct, can be understood by all who are involved in fraud prevention, and are agile enough to adapt to new attacks without needing to be rebuilt from scratch. Armed with advanced data analytics, firms and government agencies can identify the subtle sequences and associations in massive amounts of data to identify trends, patterns, anomalies, and exceptions within financial transaction data. Specialists can use this insight to concentrate their attention on the cases that are most likely fraud.
This guide will help you understand the complex environment of financial fraud and how to identify and combat it effectively.
The insurance industry is undergoing a transformative phase. Altair RapidMiner’s advanced data analytics tools help insurers extract valuable insights from massive datasets, leading to more accurate risk assessment, improved customer experiences, streamlined operations, and faster innovation. This short video explains how Altair RapidMiner can unlock new opportunities and build a foundation for sustainable, profitable growth in the dynamic landscape of the insurance industry.
As a growing organization, Cape Regional Health System struggled to bring together information from different databases and reports from patient records, insurance providers and other organizations into a comprehensive business analysis for the management team.