Combating fraud using data analysis and profiling
Van Ameyde is committed to identifying and combating fraud on behalf of insurance providers and corporate risk managers. Not only do we sponsor doctoral research into insurance fraud, we are continually improving our own technology-driven fraud combating tools.
In Europe, insurance fraud is estimated to represent 10% of all claims expenditure. Successfully combating fraud enables insurance providers to improve their competitive edge through cost leadership, while their customers benefit from reduced insurance premiums.
To be able to effectively identify potential fraud, it is important to understand the fraudsters’ rationale. Research sponsored by Van Ameyde combines behavioural, economic and statistical aspects, the aim of which is to define behavioural indicators that may incite potential fraudulent behaviour.
If you are interested in this research, which has started in 2015, Prof. Dr. Roger Laeven and Yuan Yue MSc of the University of Amsterdam give an insight into the aspects of their research into insurance fraud in our Fraud Prevention blog.
Data analysis and profiling
In the meantime, Van Ameyde is successfully tackling fraud from an IT-perspective. By integrating a broad spectrum of data sources, ranging from internal and external databases to social media, telematics and GPS, data can be analysed and used for profiling as well as identifying ever more sophisticated fraud indicators.
Enabling intelligent claims processing
Having created profiles from existing information sources, data entered upon first notification of loss further enhances the profile and triggers questions and requests for additional information by Van Ameyde’s claims management system ECHO. The system then determines the subsequent process, ranging from Straight Through Processing to the involvement of a field adjuster, either as a result of flagged exceptions or the complexity of the claim. Suffice to say that it is you, our customer, who decides to what extent your claims processes are automated.
Combining the results of fundamental research, data analysis and profiling, Van Ameyde’s fraud engine is continuously enhanced, reducing the need for manual checks over time. Van Ameyde aims to reduce its customers’ loss burden, in which the prevention of fraud plays an important role.
If you would like to know how Van Ameyde’s claims management and IT solutions could help you reduce your claims costs, please do not hesitate to contact us!