Insurers in Ireland need to look at how they can use data from a wide variety of sources to significantly reduce the risk of fraud at the application and claims stage.
For most drivers, purchasing an extended automotive warranty for their vehicle means peace of mind in the event their vehicle malfunctions and needs critical repairs. For others, the intent is different—fraud. These individuals try to pass off preexisting vehicle issues as a covered warranty claim.
With the industry focus on data analytics in insurance, many SIU leaders are considering enhancing team’s investigative capabilities with a fraud analytics solution.
Trusting information at face value is a thing of the past. Claims professionals know this well, because they must gather information on a claimant and research prior losses to validate a claim.
As Gulf Coast communities from Texas to the Florida Keys begin a years-long recovery from the onslaughts of hurricanes Harvey and Irma, another surge is on the way. This one is not rising water; it’s salvage vehicles that were totaled in the storms’ flooding and may be dumped back on the market by the thousands after being rebuilt—or just dried out.
A new Verisk Innovation Paper, Application Integrity: The Whole Truth, explores the mystery of three large personal automobile insurance carriers that were struggling with rapidly deteriorating loss ratios.