Case Study: Insurance Bureau of Canada
- IBM SPSS Modeler
- IBM Infosphere
“Together with IBM, we have demonstrated through this POC how IBC and insurance companies can improve the effectiveness and efficiency of IBC investigators and insurer special investigation units using analytics and visualization technology to make fraud detection smarter and faster, for significant savings and improved public safety.”
—Rick Dubin, Vice President, Investigative Services, Insurance Bureau of Canada
Insurance Bureau of Canada
Outsmarting fraudsters with fraud analytics
Insurance Bureau of Canada (IBC) wants to protect honest policyholders by detecting and prosecuting organized insurance fraud. Historically, fraud is said to account for 10 to 15 percent of insurance company losses, and to drive up claims costs.
The insurance industry is constrained by the manual and ad hoc approach to detecting and investigating potential fraud.
To address its objective of automating the detection of potential claim fraud and the identification of possible fraud rings, IBC engaged IBM to perform a Proof-of-Concept project using IBM® InfoSphere® Identity Insight and IBM SPSS® Modeler.
IBM POC quickly found suspects and their claims reducing investigation efforts; found a previously unidentified suspect fraud ring; and gathered more information against suspected fraudsters with a higher degree of confidence.
© Copyright IBM Corporation 2012