Big Data for Fraud Detection on the RiseBy Louis Riggio | February 24, 2014
You’ve heard a lot about big data, and to some extent, you’re likely using it already. After all, ISO ClaimSearch® serves 90 percent of the U.S. property/casualty industry (as measured by direct written premium), and its 900 million records certainly constitute big data. But that’s just a start.
According to an article in Insurance Networking News, research firm Gartner is forecasting that 25 percent of large global companies will adopt big data analytics by 2016, up from 8 percent today, for at least one security or fraud-detection function. Further, Gartner estimates that the technology will deliver a positive return on investment (ROI) within the first six months of implementation.
As your company considers expanding its use of big data analytics — on the ISO ClaimSearch platform, for example — you need to figure out what to implement and how long the implementation will take. The ISO ClaimSearch system offers a wide range of tools that can help insurers derive more value from their participation in the U.S. property/casualty industry’s all-claims database. Using ISO ClaimSearch and its associated tools can speed implementation of many worthwhile projects.
That means you’ll benefit in two ways: The tools you add to ISO ClaimSearch will provide direct value (working with the big data you already have), and you’ll begin your path to ROI sooner, given the rapid implementation.
Among the many advantages of big data analytics is the increased ability to identify indicators of organized fraud for investigation.
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