Fraud Detection Analytics Helping Insurance Companies Save $25 Million and Reduce False Alarms by 50%, Says Quantzig

By a News Reporter-Staff News Editor at Insurance Weekly News -- In their recent blog titled 'Insurance Fraud Detection - Data Analytics to The Rescue,' global analytics and advisory firm Quantzig evaluates some of the ways insurers are using big data to check fraudulency and retain their customers.

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170606006523/en/ Quantzig offers a variety of insurance analytics solutions. (Graphic: Business Wire) According to industry estimates, as of August 2016 property/casualty insurance fraud alone accounted for an estimated $32 billion a year. Claims, premiums, and employee-related frauds are the three areas with a high rate of fraud cases and because of these insurance frauds, premium costs for policyholders as well as the overall cost for the insurer goes up. This has sparked an increased need for a proper tool to counter such incidences. For more insights, get in touch with Quantzig's analytics solutions experts Quantzig notes that "using analytical technology is one of the most potent tools which can lead to sophisticated scams being busted. Tools like claims scoring and predictive modeling help detect fraud before the payment is even made."

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