Carriers have long fought insurance fraud through traditional means, such as live surveillance, reviewing financial transactions, five-point identity authentication, and interviewing stakeholders. While these techniques certainly have a role to play in investigating fraud once fraud is suspected, the point is that the fraud has already happened because nothing was done to proactively prevent a fraudster from becoming a policyholder and making a fraudulent claim. Once a claim has been paid, having to recover money that has already left their coffers is not a good situation for insurance carriers, and this battle is only getting more difficult. A recent Aite Group survey found that 83% of insurance executives saw an increase in the number of confirmed fraud threats at their firms; the fear and the fight are real!

The good news for carriers is that they are no longer limited to traditional fraud-fighting means that seek to undo past events. Several vendors have emerged with more proactive and predictive solutions that can elevate carrier awareness about the potential for fraud, identify broader fraud networks from instances that appear to be isolated, and identify devices (and by extension, people) through technology, data, and analytics to ensure that processes will be executed truthfully and prevent fraudsters from getting in the door.

This 90-minute roundtable will focus on how carriers can prevent application fraud and make “pay and chase” passé by utilizing data stemming from voice analytic/biometric, telematic, and identity verification/authentication tools.

• U.S. P&C Carriers
• Global Brokers
• U.S. Life Insurers
• Global Reinsurers