A number of technologies, including link analysis, text mining, and predictive analytics, are evolving and becoming adaptive to the extent that they now enable insurers to address the increasingly serious threat posed by professional fraud networks, according to the latest research from Ovum. The research firm’s report, “Tackling Insurance Fraud,” contends these technologies can enable insurers to detect and respond to new and constantly changing techniques used by fraud criminals.
Although most insurers have invested in fraud technology to some degree in the past five years, the majority of this investment, while beneficial, Ovum says these have been piecemeal.
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