Data Visibility And The Power Of Predictive Analytics

Fraud costs insurance companies around $40 billion per year, according to the FBI. Just as today’s fraudsters are using the latest technology to carry out their scams, so too should insurance companies turn to tech solutions to battle and even prevent fraud.

Specifically, insurers should implement data visibility, which can empower them to fight and prevent insurance fraud and ultimately improve their bottom line.

Data visibility is a state in which an organization can access, visualize and use all of its data. Further, this data is stored in a single location, also known as a ‘single source of truth,’ so that anyone from any part of the organization can go to that location to get any information necessary to do their job.

To make this happen, data needs to exist in a standardized format, and the organization has to have a plan in place for standardizing all future data it acquires so that it, too, is accessible, searchable and visible.

With data visibility in place, it’s possible to use predictive analytics to inform fraud detection and prevention efforts. In other words, it’s possible to use all the information an organization has about past fraud incidents to better predict and resolve future ones.