The Real Problem with Identity Fraud in Life & Annuity
Identity fraud is a growing problem that costs consumers and businesses billions annually. Yet, in Life & Annuity, the bigger challenge is how to combat identity fraud without sacrificing operational efficiency and customer experience. Recently, we joined Milliman in taking a closer look at how identity fraud impacts Life & Annuity and provide an approach to guide insurance carriers to get from where they are in their fraud detection and prevention journey to a more efficient and customer-centric future. Here are key insights from that webinar.
What We’re Hearing from Carriers
The cost of identity fraud goes beyond the policies that have been defrauded and includes operational costs and reputational risks. In this clip we discuss what carriers want in an identity fraud detection and prevention solution.
Modeling Fraud is Challenging
Leveraging advanced analytics is the way of the future. However, many organizations lack sufficient data to be able to build a fraud model. In this clip we discuss a more accessible approach to detect potential fraud.
Customer Segmentation is Key
One of the main reasons why organizations struggle with scaling their fraud detection and prevention operations is that they tend to treat all customers and all transactions the same. In this clip we discuss how customer segmentation is key to operational efficiency and a better customer experience.
Identify Normal Behaviors
Automation, when applied to customer segmentation, is what will lead to significant reductions in manual workload. In this clip we discuss how using technology to automatically identify normal behaviors will allow fraud operations to focus on remediating cases where behavior is abnormal and could be fraud.
Leverage Multiple Data Sources
With so many 3rd-party data providers out there, organizations often don’t know where to start. In this clip we give an overview of the types of data that are available in the market and why it’s important to test and combine multiple data sources.
Incremental Gains through Continuous Testing
Customer profiles, fraud tactics, and data that’s available in the market will change over time. In this clip we discuss the importance of creating the infrastructure that allows for continuous testing of new data sources.
Want to learn how Milliman’s identity fraud solution can help your organization progress in your fraud detection and prevention journey?
Email Nathan.Wilbanks@milliman.com to schedule a 20-minute consultation.
Nathan Wilbanks FSA, MAAA
Director, Sales & Marketing
Milliman Life and Annuity Predictive Analytics
More About Milliman
Milliman is among the world’s largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Milliman helps organizations take on some of the world’s most critical and complex issues, including retirement funding, healthcare financing, and risk management. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. For further information, visit www.milliman.com. Find out more about our strategic alliance with Milliman here.