Literature Review On How Insurance Companies Identify Fraud

1517 words - 7 pages

LITERATURE REVIEW

Fraud in insurance companies

As According to Verma and Mani (2002) analytics can contribute in accompanying your enterprise technologies into a social networking era, Big Data and CRM to crack down on financial offenders. Verma and Mani (2002) highlighted that the increasing number of mobile devices and social media platforms are bringing significant transformations in the world of business including the insurance sector. The opportunities offered by this landscape for insurers are vast. The myriad of social networks and communities enable insurers to connect with their customers in a more efficient manner, which in turn aids contributes towards brand equity, ...view middle of the document...

Analytics help in building a genuine worldwide perspective of the anti-fraud efforts all over the enterprise. Such a perspective leads towards to effective fraud detection by linking associated information within the organization.

Fraud can occur at a number of source points:

Claims or surrender

Premium

Application

Employee-related or third-party fraud

At the same time, insurance channel expansion is adding to the fragmentation of traceable information. Insurance-related activities can be done via mobile devices apart from the traditional online and face-to-face insurance. This can be acknowledged as an expansion to data warehouse in the insurance sector. Given more terrific channel diversification and the increment in areas where fraud can happen, it is essential for insurers to have enterprise level information data about their business and clients.

Analytics hold an important role in integrating data. Effective detection of fraud involves discovery abilities that could be manufactured by joining together data from different sources. Analytics also help in integrating internal data with third-party data that may have predictive value, such as public records. Data sources with derogatory attributes are however a list of public records that can be merged into a model. Examples include bankruptcy, liens, judgements, records for criminal, foreclosures, or even there is a change in address to indicate a variance in behaviour. However, having different types of third-party data have benefits in enhancing efficiencies such as review of appraisal information to determine if damages match description or loss or injuries being claimed. The most under-utilized data sources are medical bill review data. If the data is used in a model properly, therefore it is a gold mine for enterprises investigating for medical fraud. By showing all the anomalies, in making an addition to the other scoring engines or social network analysis will diminish the time an investigator or analyst trying to assemble all the pieces together in order to identify a fraudulent activity.

On the other hand, Durtschi et al. (2004) have been using Benford’s law as a tool for the detection of fraud in accounting data. Here, it doesn’t focus on the insurance sector, though Durtschi et al. (2004) mentioned accounting data, it can also refers to the insurance sector as such. The purpose behind choosing this particular method is mainly for the effective use of digital analysis. Digital analysis conducted on the transactional more than the aggregate data can eventually assist the auditors in going through different deeper and check the data thoroughly.

Using Elliptic curve based Signature Method to control fake paper based certificates

Cryptography indeed plays a very important in the quest of controlling fake paper base certificates according to Murthy et al. (2011). Confidentiality, integrity and...

Find Another Essay On Literature Review on How Insurance Companies Identify Fraud

A Literature Review on Post Occupancy Evaluation

2061 words - 9 pages Introduction: Through out this essay I will conduct a literature review on post occupancy evaluation, to give the reader and myself a better understanding what A Post occupancy evaluation (POE) is. I will also look into how it works for different people involved with the building and what benefits it may have for both the client and the users of the site. I will be looking for research to back up the use of this particular way of gathering

Literature Review on Organizational Change and Mergers

2364 words - 10 pages , 2004). It is one of the purposes of this project to examine the effects of the merger on the culture of both departments. However, despite previous research on the impact of mergers on organizational culture (Stahl & Voight, 2007; Weber & Camerer, 2003), no such studies exist in the context of a fire department merger. This review of current literature provides a detailed summary of research conducted on organizational change, culture, and mergers

Outline and Literature Review on Management

721 words - 3 pages Literature Review OutlineMotivation of employees and creating harmony in the workplaceThree issues that considerably add to higher levels of employee motivation and performance, Nemerov (1993)Supervisors should enhance the motivational climate in the workplace, Atwood (2004)Employees Motivation and Theories and their Implication for EmployeeRetention within Organizations, Ramlall (2004)Management style of managers in Sierra Leone is based on

Literature Review on Zora Neale Hurston

1551 words - 7 pages there are not any particular disagreement among these authors about Zora Neale Hurston, there are some however, defining features of these articles that stand out which makes the authors have a different account on who Zora was in her experience as an ethnographer. One of these defining features, includes’ Hoffman-Jeep’s account on how sexual orientation matters in her comparison of Zora Neale Hurston and Lydia Cabrera. As Zora is heterosexual

Literature Review On Leadership in Global Organizations

871 words - 4 pages Introduction As there are many companies and organizations operating around the world and in multinational environment today, it’s clear that there is an improving connection among countries and nations, so as a result that would cause the cultural differences to disappear and diminish. Also, since the economic boarders come down, cultural barriers usually go up, this would cause and create new challenges and opportunities in business. Some

Literature Review on Dreams: Sigmund Freud’s Psychoanalysis

1814 words - 7 pages Literature Review on Dreams: Sigmund Freud’s Psychoanalysis Freud initiated a therapy called psychoanalysis towards helping patients overcome mental problems, using an in depth analyze of a patient’s dream. Freudian psychoanalysis assumes that dreams fulfill a certain function. Freud considers dreams as a mental activity also experienced by our ancestors. The mind begins to disconnect from the external world during sleep but remains in an

Literature review on building team effectiveness

1097 words - 4 pages communication skill and able to solve a problem. Team leader in this case is expected to have facilitation skills and ability to lead and control meetings. Finally, specific review on both good and bad action of reaching goals from each member can maintain a better working environment and member's relationship.5.5. Relationship and valueRespect is essential which implies seniority and experience. Interpersonal relationships among team members indicate

A Review of the Literature on Marijuana

3267 words - 13 pages A considerable amount of literature has been published on cannabis specifically marijuana. These studies classify marijuana into three species: Cannabis sativa, Cannabis indica, and cannabis ruderalis. In fact, Cannabis sativa is the most widely used and recognized among the other species due to its ability to produce more fiber and oil. For many years, the plant has been used for making clothes as well as lighting and soap. Nevertheless

Literature Review on Writting Well - Reasearch and Writting - Essay

715 words - 3 pages 1 Colbert Trey Colbert Research and Writing Techniques 6308 John Perry, Ph.D. September 10, 2017 Lit Review On Writing Well The book On Writing Well, by William Zinsser has its high and low points. This book talks to you on how to become a better writer. Splitting the book into four parts: Principles, Methods, Forms, and Attitudes. Principals being the focus of this literature review, discussing what was talked about in the principals sections

Literature Review on the Integration of Technology in the Classroom

2242 words - 9 pages Literature review will be conducted to examine and critiqued previous research regarding integrating technology in the classroom. The number students that use or have access to technology on a daily base increases daily. Technology has reshaped our educational system, from integration in the classroom, collaborating with peers, and how test are administered to students. Integrating technology in our educational system can assist the special

Literature Review on the Importance of Eating Breakfast

712 words - 3 pages Literature review Breakfast is known to be the most important meal of the day. In 2001, The Statistic Portal showed that in the United States, 28 percent of the male respondents skip breakfast while 18 percent of the female respondents who skip breakfast are between 18 to 34 years old. On the other hand, in Scotland, research showed that almost 30 percent of the 15-year-old girls are more often to skip their breakfast while boys aged 15 displays

Similar Essays

Literature Review On Advertising

3497 words - 14 pages CHAPTER TWO LITERATURE REVIEW 2.1 Introduction Advertising is increasingly important in our modern life (Munusamy & Wong, 2007). It was because it can use to transmit a message to a great number of audiences easily (Al-Boloshi, 2010). Hence, many researchers have done their research about advertising. For example, there are many researchers test about the entertainment, informativeness, and credibility of mobile advertising (Haghirian

Literature Review On Employee Motivation

2725 words - 11 pages Chapter-2 Review of literature Motivation: Motivation is the reason or reasons for engaging in a particular behavior as studied in economics, psychology and neuropsychology. These reasons may include basic needs such as food or desired object, hobbies, goal, state of being or ideal. The motivation for behavior may also be attributed to less- apparent reasons such as altruism or morality. Motivation refers to the initiation, direction

How Does Divorce Affect Children? Literature Review

1221 words - 5 pages are so personal. Most commonly, children had trouble in five categories, behavioural problems, parental loss, emotional and psychological problems, economic difficulties and future relationship difficulties.The literature that was selected were summaries or direct results of studies conducted on children with divorced parents. This review is divided into five sub-categories of observed trends. The literature that is included is mainly that which

Tips On How To Protect Yourself From Online Payment Fraud

845 words - 4 pages credit card directly or could use online payment platforms. You need to sign up and link your credit card to automatically pay. As this payment option gets popular, it becomes the target of fraudsters. Though some banks offer insurance to make you not liable for any fraudulent charges other people make on your account, going through the process of filing for claims can be a hassle. It may take for at least more than a week for them to take off those