A practical guide to tackle auto insurance fraud – Opening Welcome

9

auto insurance fraudI am more than glad to invite you to join me in a series of posts related to a practical guide for tackling auto insurance fraud in the new era of data science and advanced analytics.

Insurers are used to face a constant threat, a powerful enemy that never rests. And this is no other than claims fraud. Especially for the auto insurance industry, this open wound has significant finance impact, not only to insurers but also to the public, with increased premiums for which all of us have to pay.

This series consists of 7 articles which aim to provide a structured approach and guidance for tackling insurance fraud with advanced analytics principals, as many insurers have already embraced and succeeded significant tangible results and ROI.

A structured implementation methodology for auto insurance fraud

The practical guide to tackle auto insurance fraud is not just for series of analytics techniques. It is a structured methodology and implementation guide that embraces analytics for developing a claims fraud prevention system. This will act as second line of defense and will boost the efficiency and effectiveness of claim handlers and fraud investigators. Corporate KPIs, like suspicious claims fraud rates and detection rates, will increase and provide significant fraud savings, giving a boost to the insurer’s profitability.

Design, plan and preparation is key for tackling insurance fraud. This is an open invitation to join me in this 7-post blog series as we drill down to fraud detection and prevention analytics techniques. In each article we will analyze a different analytics approach, providing the high lights and the key messages that an insurer has to focus on.

Sneak peek

Here’s a sneak peek at what will follow:

Regardless of your maturity in analytics or fraud prevention tactics and techniques, this practical guide will give you the fundamentals in analytics methodology. And even beyond, it will allow you to enhance your existing processes or design and plan new ones.

Stay with us in our next stop “Part 1: Data Management & Data Quality”, where we'll analyze the pillars of a fraud prevention system, the data importance and what you have to do in matter of data cleansing, data matching and data integration. Also, there is still time to register now to our free webinar “Analytical Fraud - Preparing for a successful Project” that will be held on September 29th

Share

About Author

Stavros Stavrinoudakis

Professional Services Senior Manager

Stavros Stavrinoudakis is the Professional Services and Presales Senior Manager for SAS Greece-Cyprus-Bulgaria. Stavros is an Information Technology senior professional since mid 90s, with great experience in the Business Intelligence and Analytics areas. Having previous roles of CIO, MIS Manager, Member of Strategic IT councils, Business Intelligence Consultant and working either in the software vendor side or inside large scale organizations, he has developed strong expertise in design and implementation of innovative Business Applications. His managerial skills are focused in team leadership for inspiring teams to achieve any target. His background and SAS challenges drives him to exponentially expand his expertise across industries and business pains, as the area of Fraud Prevention, being a SAS Social Media Spearhead for EMEA.

9 Comments

  1. Dear Sir Stavrinoudakis,

    I was so pleased to read your introductory article and hope I would enjoy your series of 7 articles coming soon. Thank you very much for that effort.

    I can see you would schedule your sneak peek to the coming period of time and I am so excited to read your contributions soon.

    You did a great effort with your recent post being called “Procurement fraud: your hidden enemy”, so I could conclude that you are an expert for fraud-related crimes.

    I am fully aware of that you would provide us a brilliant series of articles following your own methodology and – as I said, you are an expert, so I would want to ask you if you’ve ever researched if auto insurance is somehow correlated with the traffic safety.

    I believe that’s a quite interesting topic which could illustrate us if drivers investing into car insurance would drive more carefully than those who would not seek such a service.

    Also, it’s quite significant to correlate how many people suffering the traffic accidents would be the owners of car insurance policy.

    I strongly encourage the rest of expert’s community to take part into this discussion and make a progress to this exciting, but still challenging field.

    Thank you so much.

    Regards,

    Milica

    • Stavros Stavrinoudakis
      StavrosStavrinoudaki on

      Dear Milica,
      Thank you for your inspiring words and your good points.
      I have now published 3 articles of the series. The 4th and most innovatine related with identifying hidden fraud patterns with Social Network Analysis is about to airborn. I hope I keep your interest in the same level.
      My kind regards,
      Stavros Stavrinoudakis

  2. Pingback: Tackle auto insurance fraud - part 3: Advanced Analytics

  3. Pingback: A practical guide to tackle auto insurance fraud - Social Network Analytics

  4. Pingback: A practical guide to tackle auto insurance fraud - Hybrid Scoring

  5. Pingback: A practical guide to tackle auto insurance fraud - Hybrid Scoring

  6. Pingback: A practical guide to tackle auto insurance fraud - Part 6: Fraud Investigator interface

  7. Pingback: Insurance fraud: a practical guide to tackle it - operational processes and automated controls

  8. Pingback: Insurance fraud: a practical guide to tackle it - operational processes and automated controls

Leave A Reply

Back to Top