Winston Churchill once said "Difficulties mastered are opportunities won." Insurers live in a world where fraud is rife and growing, public and criminal perception creates a hostile business environment, bottom lines and public wallets are squeezed and desire to grow is greater than ever before. Picking through existing internal and external data for actionable intelligence has never been more important nor more fraught with obstacles.
This paper outlines the challenges faced by insurers in the fight against fraud and highlights how technology holds the key to converting data into actionable business intelligence.
• Public and criminal perceptions of fraud.
• Fraud trends.
• A problem compounded by data volume, velocity and variety.
• Financial challenges faced by insurers.