Risk and Fraud Management - Solutions

By: Innovation Group  09-12-2011

Developed with the advantage of many years’ experience at combating this billion pound problem, Innovation Group’s solution is proven to achieve dramatic results.

From exaggerated claims to deliberate acts of damage, fraud affects every sector of the insurance industry. Innovation Group has dedicated significant resources to tackling this endemic problem in a variety of ways.

  • Our specialist counter-fraud services unit has developed an innovative solution based on a set of rules that accurately spotlight end-customers worthy of closer attention. As well as reducing fraud, this approach has the added benefit of improving overall satisfaction levels by making it possible to fast track ‘clean’ customers.

This unit has achieved impressive results:

  • Up to 30% improvement in settlement time
  • Up to 60% improvement in repudiation rates
  • Up to 60% return on investment.
  • We also offer a comprehensive range of analytical services through our specialist data and business intelligence (BI) operations.

Insurer Analytics, our high-end BI software is able to scope, design and build to order MI Reporting and KPI Monitoring systems that can improve your effectiveness and profitability. Highly dynamic, our solution gives you a more timely understanding of how your business is performing. It includes high degrees of interactivity, facilitating ‘train of thought’ analysis and automatic monitoring across key indicators.

A leading UK insurer is projecting a minimum 10% annual saving in claims from applying Innovation Group’s data analytics to current and 5-year claim data.

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