Digitalisation, automation and product innovation is rapidly impacting the insurance industry. As a result, new types of fraud arise.
People’s appetite for new insurance products change faster than ever and they expect services to be delivered in real time. Application fraud is a great example of how changing industry practices impact how fraudsters operate.
IFB and SAS work in partnership to help bring the insurance industry together to share key data and intelligence management for a collective purpose: Tackle fraud and protect genuine customers from fraudsters.
In this video, Ben Fletcher, Director, IFB; Chief Customer Officer, MIB and Paul Ridge, Head of Insurance, SAS UK & Ireland discuss:
• How the digital transformation of intelligence management can help the IFB and the industry advance the fight against fraud.
• The importance of sharing information, data quality, speed, scalability and agility to identify, detect and prevent fraud.
• The benefits for the insurers and society in having a single hub for suspected fraud (IFiHUB: Insurance Fraud Intelligence Hub) and confirmed fraud (IFR: Insurance Fraud Register).
• The role that AI and automation will continue to play in helping insurers to validate a genuine claim faster, delivering seamless customer experience whilst detecting fraud.