A STEP AHEAD. The industry must work together in the fight against insurance fraud
Speed is of the essence in order that honest policyholders have a positive customer experience and are reinstated swiftly. However, whilst it is important that claims are validated quickly, it is also essential that the validation process is undertaken properly, to ensure that the premium pool, which is funded by all policyholders, is not depleted by fraudulent activities. Effective investigation and the delivery of an excellent customer service need not be mutually exclusive.
Nowadays insurers can use technology and counter-fraud intelligence services to speed up investigations, delivering operational efficiencies and reducing the time taken to collect and integrate key information. Investigation management systems can assist insurers with mitigating risk and optimizing their counter fraud resources most effectively. Desk top tools can complement existing anti-fraud strategies and now provide insurers with a single point of access, real time, to extensive consumer intelligence. Systems and workflow processes can be streamlined to create an immediate profile of a customer, together with their claims history and provide insurers with a consolidated view of the risk and potential areas requiring further investigation.
The debate on whether to outsource claims investigations, handle internally, or take a combined approach, remains lively. Many insurers feel that managing and controlling the investigation process in-house is the only way to ensure that policyholders are not disrupted and disaffected by an investigation into their claim circumstances. Conversely, other insurers believe that by outsourcing the investigation process they disassociate their brand from any potential negative reputation issues. Certainly the market as a whole recognises the potential reputational risk linked to claims fraud investigation.
Download the article A STEP AHEAD. The industry must work together in the fight against insurance fraud