Predictive Analytics

ISO MedSentry detects suspicious medical billing

Property/casualty insurers have a new tool to accelerate the detection of suspicious medical billing activity — and take informed action. ISO MedSentry ™ uses a combination of advanced analytics, superior technology,...

How to Change Fraudster Priorities

The Aite Group's latest published estimates for industrywide property/casualty insurance fraud — $64 billion for 2012, $80 billion for 2013 — once again prompt the industry to examine how it identifies, investigates,...

Protect Yourself from the Rise in Organized Claims Fraud

Organized fraud is extremely difficult to detect, particularly because schemes have become increasingly complex. According to the Insurance Information Institute (I.I.I.), the National Insurance Crime Bureau (NICB)...

Effective Analytic Strategies and Successful Data Management

In a previous post , I wrote about how an effective analytics strategy must first start with good quality data — and lots of it. While good data provides the foundation on which to build, managing that data provides t...

Effective Analytic Strategies Start with the Data

Over the last decade or so, the role of predictive analytics in the property/casualty insurance industry has evolved into a critical component for success. That trend is only going to increase in the years ahead, as...

Claims Fraud Detection: What Are Your Priorities?

Claims fraud may occur in only 2 percent of claims, according to some estimates, but early detection — and prevention — are growing in importance. Why? According to a new study by Celent, as reported in Insurance...

The Sauce of Success

Companies must develop the drive to evolve and the passion to survive and thrive in the current business environment. Today's economy will not tolerate a static strategy. Only those companies that embrace improvement...

Organized Insurance Fraud: Florida Leads Top 10

Questionable claims from organized fraud have surged over the past few years. Despite an 11 percent dip from 2010 to 2011, overall activity rose 47 percent from 2008 to 2011, according to the Insurance Information...

Most Carriers Not Fighting Fraud at Point of Sale

The March 2013 issue of Best’s Review has a good article titled “A New Approach.” (Note: The online magazine is available only to subscribers.) The article points out that most carriers are not detecting the majority ...

Adopting Advanced Analytics: Consider the True Business Implications

Property/casualty insurers have long been engaged in a fierce battle for market share across all lines of insurance — from personal and commercial auto and property policies to workers' compensation and general...