The rapid adoption of digital technologies has had a significant impact on the insurance industry. Traditional distribution models have come under significant pressure from aggregators and price comparison websites whilst consumer expectations of speed and convenience have dramatically increased, driven by experiences in other industries. The change in customer engagement over the last five to 10 years has resulted in a loss of personal contact, especially during the quotation process. This requires insurers to adapt their thinking considerably, not least in terms of fraud management
While insurers have made significant progress in detecting claims fraud over recent years, they now need to apply fraud defences to the front door, screening policyholders at the point of application in addition to at the point of claim. Download this briefing paper to learn the challenges that insurers face and how they can overcome these challenges and realise the benefits of effective real-time fraud prevention and detection.