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What does the cost of living crisis mean for insurance?
We have spoken a lot about how fraud will increase claims leakage, but when speaking with a CTO yesterday of an insurer, they gave me some insight I hadn't considered. Where before some people may not have decided to claim for something, the hassle may not have been worth it- he said insurers will now see much more of…
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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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Insurance data privacy & ethics - how far does the market need to go?
Since the inception of GDPR in Europe & CCPA in the U.S. (both in 2018) the world of data privacy and ethics has been a hot topic within the insurance market. As individuals we all should care about how our personal information is obtained, stored, accessed and used. For fraud and financial crime there are usually…
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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…