What do space exploration and anti-fraud technology have in common? More than you might think.
Great new technologies are influencing things once thought improbable, if not impossible. For example, in 2021, the world watched spaceflights carrying ordinary citizens into orbit. Of course, the foundation of that success came 60 years ago when astronaut John Glenn piloted his space capsule and orbited the earth for 4 hours, 55 minutes, and 23 seconds.
Great accomplishments started with one pilot. The willingness to pilot, venture, and explore new things can have a far-reaching impact. How might we apply these lessons to fraud management?
The answer is found in the word “pilot.” To explore new anti-fraud technology and how it might impact your operations, you should take it for a test flight first—a product pilot.
Exploring new technology
Insurance is experiencing a digital transformation, and SIU leaders are challenged to be more innovative. Digital adoption and automation have rapidly accelerated the past two years, and fraud management needs to keep pace.
As you consider your goals and the journey you want your organization to take, here are some questions you’ll likely want to ponder before exploring anti-fraud technology:
- Is there a relatively quick, easy, and inexpensive on-ramp to try new technology without unnecessarily draining my scarce resources?
- Does the vendor make it easy to jump in the cockpit, evaluate the technology, and quickly determine whether it’s easy to learn and use?
- Can I evaluate my own data and results to help determine the projected ROI?
While many vendors offer anti-fraud product pilots that help answer some of these questions, not all pilots are the same.
Challenges of launching a pilot
One of the greatest obstacles to piloting a new technology is the take-off. Once you select a vendor, it’s not uncommon for it to take six to nine months just to plan and prepare before you can start the pilot. Most of that time is spent data-mapping with historical data —a time-consuming process that ties up IT resources and can be very costly.
By the time you get results to evaluate, you might miss the budget season and will have to push the transaction out to the following year—further falling behind in your quest to implement innovative technology.
Pilot new technology with greater speed
Fortunately, there’s a fast and simple way to pilot anti-fraud technology. At Verisk, you can test out our predictive fraud analytics solution for free. Our pilots generally require no data-mapping or ETL work because if you are a ClaimSearch or Aggregated Medical Database (AMD) subscriber, we can use the data you contribute to the platform.
In many cases, we can set up the pilot in less than a week, use current real-time data, and you can get results to evaluate in just 45-60 days. That speed and efficiency can help you save money, expedite your internal budgeting process, and realize return on investment faster.
It makes good business sense to venture out and pilot an anti-fraud product before making a significant investment for your future. But first, you must consider the time and resources that test flight will take. Innovative technology is available. And piloting it doesn’t have to be as complicated as launching into space.