The loss to fraud for insurance companies in India in 2011 amounted to 9 percent of the total size of the industry that year.
Give or take, this figure would be on a par with the figure in the UK industry, Europe's biggest and the world's third largest. It's a reminder that fraud, wherever it takes place, is as corrosive as ever.
The article goes onto say how a data analytics systems can nip fraud in the bud, when it can tackle unstructured as well as structured data.
Suffice to say, there's a host of additional benefits it can add to insurance, including customer intimacy, uncharted (and yet very exciting), until now.
“Using data analytics, insurers can marshal their data resources and create a multi-channel approach to fraud detection. They can take a close look at both traditional structured data (such as claims and policy data) and textual data (such as adjustor notes, police reports and social media),”
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