Big Data: The Key to Eradicating Insurance Fraud

By using data smartly, and shifting the focus from the point of claim to the point of policy creation, insurers can reduce fraud. By Jonathan Lewarne, Senior Director: Insurance Business Development at TransUnion

Quality information is the bedrock of the insurance industry – from the initial risk modelling that determines one’s premiums to the claims assessment process all the way to the policy renewal stage.

For local insurers, one of the most obvious advantages of Big Data lies in fraud reduction. Times of economic downturn tend to be accompanied by an increase in insurance fraud – wreaking havoc with insurers’ business models, and adding new layers of legal and investigative costs.

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