Insurers know the reality of claims fraud. It is increasing, it is becoming more sophisticated and it is a costly drain on profitability. Recent Insurance Council of Australia estimates put losses as high as $1 billion per year. Is it a battle worth fighting? YES. Is it a battle you can win? YES.
The NetMap Competitive Advantage:
For many years now, leading US insurers service providers ISO, Verisk have consistently utilised NetMap base technology to develop very sophisticated software to effectively combat insurance claims fraud and offer risk assessment services and decision analytics for professionals in many fields, including:
Dramatic savings and improved profitability have been the result particularly in the motor vehicle claims area. NetMap can now provide Australian insurers the opportunity to secure this significant competitive advantage. In the past it was considered reasonable to offset high claims costs with premium increases and not worry too much about tracking down and monitoring of every doggy claim. Those days are gone with competition on the rise in every sector of the insurance industry. We need to monitor all claims to stay ahead.
Specifically, with motor vehicle insurance we need to monitor the following items of data:
Those hidden connections are red flags to fraud investigators and once you see the connections you can earmark claims for further in-depth analysis.
In a matter of minutes NetMap reveals connections, links and patterns in your data that could take you months of manual investigation to reveal, if ever. How? Instead of looking at single claims individually, NetMap performs a simultaneous, in-depth analysis of ALL your data. Custom-developed for the insurance industry, our powerful software tools draw on millions of items of data from claims, policies, payments and medical bills. Suspicious, previously invisible connections suddenly become very visible (e.g. multiple claims featuring the same telephone number for a witness or doctor, or vehicle identification number.)
Fight fraud more aggressively than ever before. Rather than simply relying on tips, chance or obvious discrepancies, NetMap gives you a depth of knowledge that allows you to uncover complex fraud rings and elaborate schemes. It is time to match the fraudster’s sophistication with your own!
Save investigators hours of precious time by providing them with easy to use tools. NetMap’s state of the art technology will enable your investigators to deliver superior results faster, more effectively and at less cost. You will recover your missing revenue sooner!
Reducing fraud costs obviously increases your profitability. It can also allow you the opportunity to reduce your premiums and attract more customers in a highly competitive market. Either way, it is good news for your bottom line and your shareholders.
Call +61 2 8911 4131 now or request a call back via our Contact Form.