The increasing sophistication of claims fraud tactics has propelled insurers’ fraud losses to an all-time high. Not only are insurers forced to grapple with steep increases in fraudulent activity, they are also being pressured by their policyholders’ demands for faster claims processing, disbursements, and resolution — as well as minimized policyholder service friction. To stay competitive, insurers need to innovate. Not only updating their policyholder service delivery channels, but also the fraud prevention tools that protect those channels.
GIACT’s new report, Beating Friction: How Insurers Slash Costs and Delight Policyholders with Payments Innovation, discusses how insurers can protect against fraud. The white paper explores the growth of insurance claims fraud as well as the risks and opportunities associated with insurers’ payment processes.
- Risks and opportunities across the payments process;
- Protecting payments;
- Using technology to gain an edge in preventing claims fraud; and
- Life, annuities, and other vulnerable lines of business (LOBs).