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:
Workers’ compensation fraud costs employers and insurers $6 billion annually.
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.
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
More Efficient Fraud Investigation
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
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!