Each year, more insurers appear to be increasing their budgets in implementing sophisticated fraud detection systems; however, the majority of these investments are centered around post-payment fraud detection rather than detecting fraud prior to claims being paid.
San Rafael, Calif.-based technology solutions provider Fair Isaac Inc. found in a recently released survey that over this past year the numbers increased from 37% to 45% of insurers who introduced a higher level of fraud detection into their operations. However, about 80% of these insurers were only able to detect fraud in post-pay mode and not able to detect pre-payment fraud--that is, solutions that detect fraud before a claim check is distributed.
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