Increase in fraud was a serious threat to one of the leading insurance companies in the U.S. Nuvento implemented an automated reporting mechanism that detects possible frauds, made by claims representatives during the settlement of an auto liability or casualty claim.
Fraud is one of the biggest challenges for an insurance company. The high increase in deception is costing the industry billions of dollars every year. Payment of false claims weakens the financial position of the organization and also undermines its ability to underwrite potentially profitable business. Fraud management is one of the top priorities for insurance companies worldwide.