Traditional anti-fraud technology tools are giving way to advanced analytics as insurance fraud rises, insurers say in a study of insurtech trends.
The biennial study was conducted by the Coalition Against Insurance Fraud, assisted by the analytics firm SAS across 84 insurer participants.
Fraud has risen over the last three years, about two-thirds of insurers say in The State of Insurance Fraud Technology.
In response, insurers plan to retool their anti-fraud arsenals with a mix of advanced analytics over the next two years:
- Predictive analytics tops the list. Some 64 percent of insurers say they’ll earmark funds for predictive tools.