Calculating the Cost of Return on Investment
The processing of claims is the cornerstone of any insurance business, as the company should deliver on its commitment to its customers. But not all policyholders are equally truthful.
Fraud and the resources to detect fraud can have a huge impact on a company’s combined ratio as up to 10% of all claims are fraud. Policyholders and for that sake also insurance companies demand digital solutions to automate claims handling, which will result in higher customer satisfaction and stronger combined ratio. However, digital solutions open a huge risk for fraud on an unprecedented scale. Insurance fraud cases are expected to double with the rise of automation.
The FDS business case is very strong with an extremely short return on investment.
FDS can show whether a claim is genuine or fraudulent in milliseconds and help improve the insurers claims ratio significantly, to the benefit of the insurer and avoid passing on this huge bill to the truthful policyholders.
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