What is Fraud Detection Software?
Fraud detection Software is basically a set tool which detects the suspicious claims as soon as it notice the loss at first sight and automatically refers claims to the investigators. It generally identifies the insurance fraud even before the claim is being paid. Fraud detection software have a major positive impact over the loss ratio with its approach to identify the suspicious claims.
- It minimise the time-to-detection and reduces all the losses occur due to fraud
- Enhance the regulatory reporting
- Correlate large transactional data against the customer behavior in real-time
- It enables to detect the fraud early
- Identifies the right claims to be focused upon
- It automates the time-consuming processes