Out maneuver uncertainty with data driven insights backed with Fraud Analytics solutions to help insurance companies overcome revenue losses that fell prey to COVID-19.
With the growing popularity of e-commerce, net banking and online payments, e-fraud in these sectors causes huge loses and hinders further growth. Quantzig says “Data analytics solutions can help insurance companies to reduce exposure to fraud, and credit losses by the timely identification of all insurance risks”.
Quantzig’s client, a leading insurance services provider wanted to adopt a holistic approach to monitor the transactions and analyze the fraudulent behavior to cater to their customer’s needs and provide satisfaction.
Challenges faced by the client were:
- How to minimize financial risks?
- False insurance claims
- Needed insight on the potential threats and transaction risks
Quantzig’s experts say that their “fraud analysis approach helps companies to capture customer behavior data from multiple sources and analyze it for patterns and inconsistencies every time a transaction is processed andcan detect, prevent and manage fraud in real-time on a single platform”.
Solutions offered by Quantzig’s fraud analysis to the client are:
- Simplified client’s data integrationprocesson a single platformso they could respond faster to new financial threats.
- Offered in-depth clarity on the risks associated with transactions, in identifying and denying access to fraudsters
Value delivered:
- Better customer experience
- Increase financial stability and overall operational efficiency
According to Quantzig’s fraud analytics experts, “By leveraging fraud analytics solutions, insurance companies can explore historical data to identify repeat offenders and uncover new savings opportunities by integrating different audit records and applying risk and value-based scoring models to prioritize output for investigators.
About Quantzig
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. With over 15+ years of experience in offering marketing analytics solution, Quantzig’s advanced analytics platform methodologies provides interactive dashboards and solutions that help businesses and supply chain operations with improvement business performance and prudent decision making.
Quantzig’s financial analytics capabilities include: Portfolio Monitoring, KYC Analytics and Collections Analytics
The year 2020 has provided with lots of data complexities, competition and stringent regulations. The offerings provided by analytics can help the businesses thrive amid any shortcomings and uncertainty.
To explore Quantzig’s COVID-19 resource library for detailed analyst insights visit: https://bit.ly/2xcQsfI
