Reports from the insurance industry consistently highlight that the quality of customer experience remains the biggest factor driving customers to remain loyal or switch to another insurance provider. Hence, the focus should be on how to improve the quality of the customer experience rather than reducing fraud.
Fraud in organizations can be epidemic if not curbed at the inception. According to a survey of Certified Fraud Examiners (CFEs), organizations around the world lose an estimated 5% of their annual revenues to fraud. If fraud occurs in an organization, salvaging the situation is paramount. How can this be done? The answer is Predictive Analytics! These are the key benefits of using predictive analytics for detecting internal fraud, reinforced by our experience of working with a financial institution.