Aquila is your best fraud detection & prevention solution
Fraud in the Insurance Industry

How Rampant is Fraud in the Insurance Industry?

Fraud is everywhere in the insurance industry. Insurance fraud happens when there’s deliberate deception for financial gain against or by an insurance company. It can be done by ordinary people, professionals who inflate charges for services rendered, or by organized criminals.

The numbers compiled and reported by the National Association of Insurance Commissioners (NAIC) on insurance fraud are staggering:

Non-medical insurance fraud hits the $40 billion mark per year
Automobile insurance fraud costs the industry $29 billion annually
Insurance Workers Compensation Fraud Costs Employers and Insurers 6 Billion

Workers’ compensation fraud costs employers and insurers $6 billion annually.

Health care insurance fraud is conservatively estimated to hit more than $300 billion a year

52% companies took a stand against fraud

Companies that take a stand against fraudulent activities emerge better off. These companies adopted new technologies and streamlined their operations. As a result, there were fewer repeat incidents.

At Aquila, we make fraud detection timely, accurate, and painless.

How Aquila Can Help Detect Insurance Fraud?

Aquila uses artificial intelligence (AI), machine learning, data analytics, predictive analysis, IoT, Blockchain and other innovative technologies to help with fraud detection and prevention. Here’s how it keeps an eye on this vulnerable industry.

Tracing the Web of Fraudsters

As the name suggests, Aquila will provide you with eagle eyes to spot deceptive practices, fraudulent referrals, inflated bills, and more. Aquila is an end-to-end solution that can help you catch fraudsters and take action against them to recover losses, or even prevent them from occurring.

More Efficient Fraud Investigation

Aquila is well equipped to process and manage large amounts of data. With its big data capabilities, it sifts through millions of records and with the help of AI transforms its findings into visually digestible bits so you can make an informed decision on what steps to take when there are irregularities.

Anomaly Detection

Aquila knows what a normal insurance claim looks like. Using machine learning, it can identify potential fraudsters, drill down on the details of specific bills, and verify irregularities on different line items. Working in tandem with you as the end-user, the fraud detection solution will learn what’s acceptable and what must be tagged as fraudulent or suspicious.
 AI Complements Human Review

AI Complements Human Review

Aquila is your partner in proving that insurance fraud has been or will be committed. However, it goes beyond serving as an extra pair of eyes. It seamlessly integrates with your current processes without disrupting productivity. It also automates fraud detection processes and saves you from hiring an army of insurance fraud forensics that might cost more than you’d save by finding fraudulent transactions.

Proactive Measures with Predictive Analytics

AI and machine learning thrive on data – going beyond merely crunching numbers. It uses what it learns to form decision trees and visualizations that are useful for both insurance providers and consumers. As a result, your legal team and other human resources can focus on more critical steps to gather evidence and close cases quickly.

Detect and Eliminate Insurance Fraud Today with Aquila

Aquila is an essential fraud detection tool for insurers. It will not only have a significant impact on your bottom line, but also help increase customer trust and drive growth for your insurance company.

Learn more about how Aquila can help you fight fraud. Contact us today!