Against Insurance Fraud found that as
many as one-third of property and casualty insurers surveyed, remain skeptical
about its ROI.
It is important to take a holistic view
and not just look at the bottom line loss
numbers. Automating processes like
SNA, fraud detection and case management is not only effective, but is also an
integral part of annual regulatory anti-fraud plan reporting. It generates both
operational efficiency and staffing savings
while producing higher quality data, information and investigative performance.
It is frequently thought that claims management operations supported by ineffective analytic tools aren’t as profitable as
they can be.
In their 2014 State of Insurance Fraud
Technology report, the Coalition Against
Insurance Fraud found “about half of the
insurers (53 percent) cited lack of IT re-
sources as the stumbling block in imple-
menting anti-fraud technology.”
Understanding what is transpiring in
a network and the connectivity of claimants to other people, places or things that
a company has either already successfully processed or investigated for fraud
is critical. SNA provides that ability by
illuminating what might otherwise go
The bottom line
Insurance companies are in the business
of protecting against risk. Part of the risk
equation involves paying legitimate customer claims in an expedited manner.
Companies that pay fraudulent claims
because they aren’t armed with all the
information necessary to make informed
claims decisions aren’t as profitable as
they could be.
Further, bad claims practices decrease
a company‘s competitive edge, resulting
in lawsuits, reputational damage and di-
minished customer and shareholder con-
fidence. These issues draw the attention
of regulators and may result in expensive
and time-consuming audits.
When it comes to battling fraud, it’s
critical to have the right tools in place
and SNA is an important piece of the
Dan Draz ( firstname.lastname@example.org)
is a senior business solutions consultant
at BAE Systems where he focuses on
financial crime across a number of different industry verticals. Draz has 30 years
of extensive anti-fraud experience, an
M.S. in Economic Crime Management
and is a Certified Fraud Examiner (CFE).
Erin Smith ( erin.smith3@baesystems.
com) is a business solutions consultant at
BAE Systems where she focuses on fraud
in the financial crime and insurance verticals. Smith has an M.S. in Criminal Justice
and possesses both the Certified Fraud
Examiner (CFE) and Accredited Health
Care Fraud Investigator designations.
100 METROPOLITAN CITIES
Hancock serves over 100 metropolitan cities in over 30
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8/10 TOP INSURANCE CARRIERS
Hancock has long-term relationships with 8 of the top
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24-48 HOUR DEPLOYMENT
Hancock prides itself on the ability to rapidly deploy
to any area within 24-48 hours
All Hancock technicians are engineering-certified
professionals and assess all major type and styles of
DEDICATED CATASTROPHE TEAM
Hancock maintains a dedicated CAT Team 50+
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a moments notice
Our engineering-certified steep and high roof
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HANCOCK CLAIMS CONSULTANTS.