Insurance Claims Fraud

According to the Insurance Information Institute, the estimated cost of property and casualty insurance claims fraud is USD 32 billion in the US alone. And these losses are only growing.

Deter, prevent and intercept multiple types of insurance fraud with SPS Insurance Claims Fraud Servuce.

  • Expedite claims fraud detection

           Avoid payment costs and reduce pay-and-chase situations arising from insurance claims fraud.

  • Increase fraud detection accuracy

    Ingest large data volumes. Improve decision-making accuracy and cut false positive alerts.

  • Improve productivity

           Give your claims fraud investigators the needed data and analytics to assess risk in holistic context.

  • Uncover staged accidents

           Identify ghost claims, exaggerated injuries, crash for cash and swoop-and-squat scenarios.

Use Cases

Problem
Bank Fraud has matured into an industry. Fraud patterns are getting more complex all the time. New real-time payment options and emerging channels create increasingly smaller time windows to determine if a payment is fraudulent. The legacy solutions are fa

Solution

SPS partners with IBM to offer a Next Generation solution - Safer Payments, Our primary objective is Fraud Prevention rather than just Fraud Detection. Safer Payments integrates true AI with agility, enabling financial institutions to dramatically ramp up

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