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Is insurance fraud getting displaced?
As we talk to insurers globally, one trend that we are seeing more and more is that fraud is getting displaced to other lines of business away from the traditional lines of motor and property. For example - during the COVID pandemic, in the UK when individuals / businesses had their claims refused for business…
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Hidden Costs of Fighting Insurance Fraud
I've been involved in fighting insurance fraud for 25 years, and without a doubt the most asked question I have been asked is "what is the cost of insurance fraud." It is a complicated question to answer and even the best research and the top fraud fighting organizations have a hard time coming up with a precise number.…
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Quantexa at Insurance Times Awards! - Speak with our team
Excited that Quantexa is a Claims Fraud Finalist and will be participating in the Insurance Times Awards on Thursday - December 8th - Grosvendor House London. Will you be attending? Reach out and schedule time to speak with our attendees from Quantexa if so: Alex Johnson - alexjohnson@quantexa.com Areefih Ghaith…
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🏆 It's official we won at the Insurance Times Awards 2022! 🏆
We are really pleased to announce this win which is a testament to the effort, teamwork and innovation that is happening at Quantexa within the insurance sector. It is amazing to hear what the judges had to say about our work at Quantexa and to be recognised for the impact we are having on insurance company's loss ratios,…
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The limitations of standard MDM
I've been discussing this with a collogue of mine earlier today, and I came up with the following list: Increased interest of “transactional” style MDM rather than traditional “registry” style MDM Adoption of specialized units/teams at organization to look after “single view”, often under different names of MDM like One…
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It's a turbulent market out there
How do I maintain growth but without risking profit? How do I keep a grip on rising inflationary costs? How do I drive innovation when budgets are being slashed and cost cutting is occurring? How do I ensure the right efficiencies are identified that make a difference to expense costs? Whilst we don't have a crystal ball…
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LET'S TALK FRAUD
Starting a thread to share some of the interesting, uncommon and maybe even a little bit weird Insurance Fraud stories we have seen & heard as well as discussing evolving new threats.....better awareness= better detection & prevention!! I know for a fact @shyamb has got a funny life insurance one, @Alex @Holly @Ross…
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How will insurance companies stay ahead in 2023?
With the year coming to a close how will we see insurance companies stay ahead of their competition next year? Is it by expansion to new products/markets or instead with a cautious growth approach? Is it by investment in technology or people or both? Rapid test/learn innovation or steady progress? Is it by reducing down…
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What Siri / Alexa Will Never Do for customer experience
I came across this article today and thought it was interesting. https://www.insurancethoughtleadership.com/six-things-commentary/what-siri-and-alexa-will-never-do A pertinent quote "Quite simply, I don't trust my Echo to act on my behalf. I expect Alexa to act on behalf of Amazon, its creator and manager." Clearly there…
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Will claims inflation affect underinsurance?
The market is in a difficult place. It feels like claims inflation for the insurance companies I speak to is getting out of control. Not only does this mean claims that were priced for a few months back could be +20% more costly, thus affecting a carriers bottom line, it also means that pricing models which…
