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E.g., 2022-01-18
November 3, 2021
How often has the following exchange occurred? Vendor:        “My fraud system is really good!” Prospect:     “Do you guarantee I won’t have any fraud losses?” Vendor:        ... With fraud being so dynamic in terms of the speed and sophistication of attacks, can any vendor comfortably offer...
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October 13, 2021
The frequency of customer interactions in personal lines has made these insurers fast adopters of technology, both to drive customer experience and to improve their own efficiency and profitability. While it is ahead of other sectors, COVID-19 has led to dramatic changes in personal lines, necessitating a revisit of current practices. Distribution Trends Integrating point-of-sale systems...
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April 27, 2021
Fraud has always been a problem for property and casualty (P&C) insurance carriers, but as the customer journey has evolved, so too has fraud. With consumers more empowered to shop for insurance without involving a live agent, there is more opportunity for an applicant to submit false information about the risk being presented. Without an agent verifying information, carriers sometimes find...
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Jay Sarzen
September 17, 2020
Insurers of all types and sizes have invested in digital claims and fraud analytics capabilities in recent years. These investments reflect the importance of digital processes for modern insurers. It is a trend that’s likely to continue as COVID-19 drives digitization and process improvements. Claims capabilities often have gaps between property/casualty and life/annuity insurers, which...
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October 7, 2019
Last week at InsureTech Connect in Las Vegas, Aite Group hosted our inaugural Fraud Roundtable and Networking event. In attendance were life and property and casualty (P&C) carriers that came together with a common purpose: to discuss application and claims fraud. Our intention was to spur active discussion about the human element of fraud, explore ways to identify it, and discuss strategies...
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Greg Donaldson
August 29, 2019
Fraud is an ever-present threat to insurance companies. Most estimates place the impact of fraud at 10% of premiums, and that leads to billions of dollars in losses every year. Every time we think we are starting to catch up to the latest fraud efforts, new schemes pop up to take advantage of our industry. The real problem is that most traditional fraud detection methods happen after the payment...
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Greg Donaldson
May 14, 2019
Tackling fraud isn’t new for insurers; most have been using SIU organizations for decades. However, fraud is taking on new characteristics, and attempts at fraud are increasing in frequency. Compounding this, insurers are implementing low-touch handling for less severe and more frequent claims, thereby increasing the potential for fraudulent activity. Claimants are increasingly using...
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February 25, 2019
Have you ever, as a life insurance carrier, agency/agent, brokerage firm/broker, or technology vendor, gone onto Twitter or other social media and searched “life insurance + fraud”? It is amazing how many consumers are out there posting that life insurers have done them wrong or warning other consumers not to purchase a life insurance policy. The types of tweets that you find on Twitter...
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Samantha Chow
February 14, 2019
In recent years, application fraud has become a major problem for U.S. financial institutions (FIs). In 2017, Aite Group recognized application fraud as the second-greatest challenge FIs face in combatting fraud, trailing only account takeover fraud; this trend continues today. By 2020, application fraud losses related to demand deposit accounts (DDAs) are projected to exceed US$636 million, a...
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August 14, 2018
Bad guys beware! Many of the best minds in financial crime will converge in Charlotte, North Carolina, on September 27 for Aite Group’s Financial Crime Forum. The day will be filled with interactive panel discussions as financial crime and fraud executives from Bank of America, Citibank, U.S. Bank, Navy Federal, BBVA Compass, Ally Financial, and many more institutions tackle the following topics...
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