Insurers looking closer at social to detect fraud
Link and social media analysis tools are gaining popularity among insurers trying to reduce fraud, according to a study by the Coalition Against Insurance Fraud.
The organization's "State of Insurance Fraud Technology" survey, conducted every two years, finds two-thirds of the 86 insurers surveyed are leveraging those technologies. That's up from half of respondents in 2014.
Rules-based software that flags claims is now being used by nine in 10 insurers, up from 64% in 2014. Predictive analytics is also gaining adherents, from 40% of insurers in 2014 to 54% this year.
“Insurer investments in fraud-fighting tech are paying bigger dividends, and faster. Insurers continue gaining confidence that tech is a nucleus of their efforts to stem surging fraud crimes,” said Dennis Jay, executive director of the Coalition for Insurance Fraud.
The study was conducted in partnership with SAS in summer of 2016..