Claims Fraud: A Big Opportunity for Big Data & Analytics
Mo Data stashed this in Big Data in Insurance
To take a simple example, say someone is claiming “Cause of Loss – Fire” in a homeowner’s claim. But then one of the loss investigation reports reveals that the person’s spouse has two more claims in the past year and that the vendor assessment reports have photographs which suggest that no expensive items were present in the house at the time of fire breakout. Meanwhile, the claimant has tweeted that he has gifted his grandfather clock to his brother. Thus, clues are present in a plethora of sources that the house was intentionally torched but the conventional rules would fail to link them together to derive a conclusion because of existing heterogeneous sources and timing of arrivals.