Arresting fraud in the European insurance market
Fraud is a widespread problem within the European insurance market. Fraudulent motor claims are particularly serious – Italy has a nationwide average of 19.3% per year, which increases the cost of business for the entire industry. Faced with a growing fraud challenge, this leading Italian general insurer wanted a smart technical solution that would increase prevention and detection. Specific issues included:
- Inconsistent data across markets hindered fraud detection
- Static fraud detection models were slow and becoming ineffective
- As fraud became more sophisticated there was a need for a smarter solution that could learn heuristically from behaviour patterns