This report uses the CB Insights Execution Strength & Positioning (ESP) Matrix to analyze vendors that deliver fraud analytics platforms in P&C insurance.
Why is fraud analytics in P&C insurance so critical?
- Predictive fraud analytics platforms can reduce losses for insurers by helping them make more informed decisions around insurance fraud during the claims and underwriting processes.
- Fraud analytics systems enable insurers to leverage internal data (e.g., claim history, customer interactions) and external data (e.g., public records, geospatial imaging) for their predictive models. These models gauge the likelihood and severity of potential fraud, flagging for further investigation or straight-through processing.
What key outcomes do fraud analytics solutions drive?
- Automate fraud detection of claims
- Predict the likelihood and severity of a fraudulent claim
- Assess fraud potential at submission
- Automate data collection for fraud investigation
- Pay out legitimate claims more quickly
- Withhold payouts to fraudulent claimants
Who are the fraud analytics in P&C insurance vendors?
Given the challenges with detecting fraud in a scalable and effective manner, insurers are increasingly looking to technology vendors to help them manage these efforts.
We surveyed the players in this space and have mapped the leading players using our ESP research methodology into 1 of 4 categories: Leaders, Outperformers, Highfliers, and Challengers.
The technology vendors that are ultimately featured in this ESP Vendor Assessment include:
What companies are adopting fraud analytics solutions?
In this ESP Vendor Assessment, we look at which companies have adopted fraud analytics solutions for P&C insurance and mention organizations including:
- Generali France
- Mitsui Sumitomo
- Sura Colombia
Want to dig deeper into the patient data privacy market?
CB Insights clients can download the entire 34-page ESP report using the sidebar to see our full analysis of this technology market.
The full report includes discussion of:
- Market need & traction
- Market stats & data
- Rich company profiles
- Insights into customer/peer adoption
If you are looking to understand the fraud analytics in P&C insurance vendor landscape, readying your org for an RFP, or initiating any type of vendor selection process, download this ESP Vendor Assessment.