And those that had found success
Of the European insurance companies that responded to a survey on fraud detection, analytics supplier SAS found that:
1) 81 per cent of insurers were using some form of automated detection technologies, with 49 per cent using business analytics.
2) Of those using business analytics, 57 per cent had seen the amount of fraud they detected year-on-year increase by more than 4 per cent. In contrast, of those insurers with no solution or those using only business rules, only 16 per cent had seen a similar increase.
3) In terms of organised fraud, 28 per cent of respondents were using automated technology or had a project currently underway. A further 33 per cent were starting such a project.
4) Similarly for opportunistic fraud, 24 per cent were using automated technology or had a project currently under way and a further 36 per cent were starting such a project.
5) 21 per cent of insurers monitor their fraud levels in real time; whilst 64 per cent monitor their fraud levels on a monthly or quarterly basis.
And two findings on how they detect fraud:
1) Just over half (54 per cent) are actively detecting claims fraud, and 39 per cent were detecting fraud at new business/ underwriting stage.
2) Less than 1 in 10 (8 per cent) had improved their fraud detecting rate year-on-year by more than 10 per cent.
72 UK, German, French, Spanish and Belgian firms answered an online survey.