Insurance fraud is a major challenge for the industry. The Coalition Against Insurance Fraud indicates that fraud costs businesses and consumers $308.6 billion a year. In order to mitigate these losses and ensure the stability of the insurance sector, it is essential for insurance companies to have effective methods for detecting and preventing fraud. This not only protects the company’s financial interests, but also the interests of its policyholders. With the increasing use of digital platforms in the insurance industry, it is now more important than ever to have the right tools and systems in place to identify fraud activities in real time and prevent them from causing damage.
A leading insurance company faced a significant challenge in preventing fraudulent activities and sought out a solution. That’s when they discovered OneDATA.Plus, a trusted provider of comprehensive digital solutions for the insurance industry. With their innovative approach and cutting-edge technology, OneDATA.Plus was able to help the insurance company take control of fraud and enhance their operations.
Empower Your Insurance Company with Real-Time Fraud Detection and Prevention using OneDATA.Plus
Today technology is playing a bigger role in the Insure-tech industry: utilizing anti-fraud technology to flag potentially fraudulent activities is extremely important to avoid undesirable costs.
By using OneDATA.Plus, our customer was able to start relying on predictive modeling, link analysis, and artificial intelligence in addition to traditional methods such as business rules and red flags to detect fraud in real time. By using our intelligence central and workflow management modules and performing real time data transformations, it became possible to check different clients’ and agents’ accounts during their application and trigger automated emails to both distributors and clients to notify them of potential fraud cases.
Similarly, when talking about the customer experience of the applicants, it is crucial to maintain the applications as transparent and bug free as possible. If the customer faces any issues during the application, there is a high chance they will drop off which will negatively impact the business. By using OneDATA.Plus, our client was provided with a chance to perform checks on applications that were not completed to identify the pain points of their flow and make necessary corrections. This was accomplished by creating a mirror of their production databases on the OneDATA.Plus platform which is updated in real time. The client’s team is able to investigate the issue without the need of accessing the production database, which previously caused a disturbance within ongoing applications.
Revolutionize Your Fraud Prevention Strategy with OneDATA.Plus: Enhance Security, Improve Customer Experience and Foster Strong Business Relationships
With OneDATA.Plus, this insurance company can now stay ahead of potential fraud activities by identifying and immediately informing all relevant parties. This proactive approach not only protects the business from additional costs associated with fraud, but also creates a secure environment for carriers and distributors. By providing top-notch customer support to their business partners, the company can strengthen their relationships and establish a positive reputation.The seamless flow of the application process and the ability to quickly correct mistakes on the spot, all made possible with OneDATA.Plus, leads to an exceptional customer experience for both agents and direct clients. Improve your overall business operations and deliver a seamless experience to all your stakeholders with OneDATA.Plus.