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Data Analytics is Helping in Insurance Fraud Detection | Quantzig

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06/29/2020 | 12:40pm EDT

Quantzig, a global data analytics and advisory firm, that delivers actionable analytics solutions to resolve complex business problems, brings to you comprehensive insights on how data analytics is helping in insurance fraud detection.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200629005681/en/

What’s in it for you?

  • Gain insights about factors that help in insurance fraud detection
  • Learn how data analytics is transforming the insurance sector

Our data analytics solutions can help you understand the opportunity for your services in the banking and insurance sector. Speak to our experts to know more about our data analytics solution portfolio.

Apart from a low penetration of insurance products, the incidents of insurance frauds are becoming a threat to American insurance providers. According to an industry estimate, in August 2016, casualty insurance fraud alone accounted to around $ 32 billion a year. This explains why fraud management and data analytics have become such a critical aspect of business for insurance providers. Apart from anti-fraud regulations, major players in the industry are also looking for a proactive and dynamic solution which will enable them to counter such occurrences.

Wondering how our data analytics solutions can be beneficial for your organization? Request a FREE proposal.

According to Quantzig’s data experts, “Apart from keeping up with industry trends, efficient claims management and fraud detection play an important role in driving success rates of insurance companies.”

Most Popular Insurance Frauds

Insurance frauds occur in different forms, shapes, and magnitude. Right from minor exaggeration in the claims to deliberate attempts of damage and accidents–insurers have to deal with a variety of fraud cases.

The top three areas with high rate of fraud cases are:

  1. Claims
  2. Premiums
  3. Employee-related frauds

To gain a competitive edge in the BFSI sector, insurance providers must incorporate practices to detect fraud on a regular basis in order to achieve operational excellence and improve profit margins. Our customized data analytics solution can help you to enhance business outcomes. Request a free demo to know more about our data analytics.

About Quantzig

Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 55 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal

© Business Wire 2020
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