How to Select the Right Vendor?
Insurance fraud is a serious issue. Looking for instance at 2017 results for P&C insurance carriers in the USA, loss ratios for P&C insurers in the USA were 73%. And on average 10% of the incurred losses are related to fraud. This results in $34 billion loss per year.
However, starting of with automated fraud analytics is not a decision that can be made overnight. Our checklist is a guide to consider the right things, when it comes to comparing the options for a fraud analytics solution. You might think of issues with regards to pricing, areas of coverage, data and much more.