Demand for insurance claims fraud detection solutions is growing; new report profiles six vendors in this space
To assist claims professionals and special investigation unit (SIU) teams in identifying suspicious claims activities, insurance companies are investing heavily in AI and advanced technology to analyze both structured and unstructured data to prevent claims fraud. In a new Impact Report, AI-Based P/C Claims Fraud Detection Solutions: A Market Overview, research and advisory firm Aite-Novarica Group evaluates the AI-based P/C claims fraud detection solution market, lists key market trends affecting fraud detection specific to P/C claims, and provides vendor profiles for BAE Systems Digital Intelligence, Daisy Intelligence, FRISS, Quantexa, SAS, and Shift Technology.
“Claims professionals, SIU teams, and IT executives should look beyond traditional fraud detection methods toward next-generation features and functionality,” said Stuart Rose, Strategic Advisor at Aite-Novarica Group. “Features such as real-time scoring, unstructured data analysis, and self-learning models will be highly differentiated and provide insurers with competitive positions in identifying claims fraud.”
“Insurers need to demand more advanced detection functionality, especially associated with digitalization and unstructured data,” adds Deb Zawisza, Senior Principal at Aite-Novarica Group and co-author of the new report. “Insurers want to partner with a vendor that has a deep understanding not only of fraud detection but also of the unique requirements, challenges, and priorities of SIU teams and P/C claims executives.”
About Aite-Novarica Group:
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.