Fraudulent claims are an ever-present threat to the insurance industry. Their impact on the market regularly forces insurers to drive up premiums in order to remain competitive. About 40% of respondents in a recent Ernst & Young survey indicated that there has been a rise in insurance fraud cases during the last one year and around 50% of respondents expressed the need for increased and more stringent anti-fraud regulations in the area of claims or surrender.

The DeNovius (tec) solution can reverse this trend and allows insurance organisations to automatically detect fraudulent threats early and take pro-active action to prevent their impact. Based on behavioural science insights and sophisticated information technology, this solution delivers measurably higher returns on your investment in fraud investigation.

Business benefits:

  • Compounding returns are achieved through the detection of more fraudulent claims combined with the pro-active prevention of fraud
  • Full integration of predictive fraud detection engine into the whole cycle of claim processing allows seamless integration into day-to-day operations
  • Fraud detection rules can be easily adjusted according to changing business requirements
  • More sophisticated premium calculation combined with higher customer satisfaction increases your competitive advantage

DeNovius (tec) functional capabilities include:

  • Internal and external data sources are consolidated and fully integrated within the workflow
  • The Solvency II ready structure meets regulatory requirements
  • DeNovius (tec) predictive models can be fully aligned and configured according to specific business rules
  • The DeNovius predictive models are regularly verified against statistical significance based on your real data. Parameters of scoring criteria are managed based on actual results; continually improving the results for precise investigation
  • Fraud alerts are generated in real time and automatically assigned to the right staff member for investigation
  • For improved productivity, investigation outcomes can be integrated with document management and sales force activity management systems

DeNovius’ ability to embed pro-active fraud detection in operational risk management workflow processes assists skilled investigators to dramatically reduce the number of fraudulent claims and the impact they have on customers.

This can result in more competitive premium structures, higher customer satisfaction and significant reduction of fraud related cost.

For more information about DeNovius (tec) please click here
DeNovius(tec) 

 
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