Fraud Investigation

Data mining is one of the most effective analytic methods for detecting, preventing and investigating insurance fraud. It adds real value to every investigators toolbox. However, this article highlights the key to real fraud fighting value: “real time” data and the ability to wade through new claims data and investigate activity on a daily basis in order to establish an effective and “actionable” plan. While older, stale data, will still reveal red flags and patterns of fraud, the older the data… the greater the losses. Like most things… timing is everything!