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• Fraud Detection and Prevention

Detect and prevent insurance fraud

At least 10 percent of all insurance claims are inflated or fraudulent—costing the industry as much as $30 billion annually. Predictive analytics solutions from SPSS can help you catch a greater percentage of fraudulent claims—without slowing down the claims process.

Fraud detection solutions from SPSS can help you detect and minimize fraudulent claims at each stage of the claim lifecycle. Predictive analytics technology helps you instantly determine which claims qualify for immediate approval and flag suspicious claims for follow up. Accurately determine which claims should be settled quickly—and which require additional investigation—even in firms with very high claim volumes. Our solutions support your fraud detection objectives by enabling you to:

• Detect fraud consistently throughout the life of a claim, to predict and prevent fraud at each stage
• Automatically detect new forms of fraud with analytics that “learn” from your data
• Support the overriding claims adjusting goal of moving claims to closure quickly, keeping costs down while providing a high level of service
• Analyze textual claim data such as accident descriptions for indicators of fraudulent behavior
• Refresh models automatically from investigation results to further refine the automated assessment process

By seamlessly integrating predictive analytics with your organization’s business rules and rules based on industry best practices, you’ll gain the critical ability to quickly and significantly reduce unnecessary, inflated, or fraudulent payouts.

Contact SPSS sales to learn how predictive analytics can deliver rapid return on investment for your organization.

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