According to a 2009 study by the Insurance Information Institute, fraud accounts for approximately 10 percent—or $30 billion—of incurred losses and loss adjustment expenses across the U.S. insurance industry.
As the internal fraud risk continues to rise, insurers are increasingly turning to solutions that provide fraud analytics and behavior modeling of user activities to better identify and prevent fraud within their organizations.
What if. . .
- You could examine user behavior across multiple systems to better predict and prevent fraud from occurring?
- You could draw out patterns of fraud and misuse across multiple systems?
- You could "turn back the clock" on fraudulent activities by running queries against historical data to identify violations you couldn’t see before?
- You had complete visibility into user activity and could track improper alterations of account data in a way that required no new desktop or system controls and had no performance impact?
Learn how Luminet can support your GLBA, HIPAA, and SOX compliance efforts.
With Luminet enterprise fraud management software, you can.
Luminet stems the tide of financial loss due to fraud by seeing, recording, and analyzing user activity across all applications. In this way, it can help you address a wide variety of fraud scenarios, including those listed in the table below:
| Fraud Type |
Signals |
|
Privacy/Data Loss |
- Excessive account searches by customer name (rather than account number).
- Excessive VIP account browsing.
- Unauthorized employee account browsing.
- User accessing same customer record for a period of time.
|
|
Account Takeover |
- Mailing frequency of customer statement changed to a longer period.
- Customer address changed by an employee not from the team handling that customer.
- Customer attribute changed, and then changed back within one month.
- Searches for more than 5 nonactive customer accounts.
|
|
Policy |
- Policy parameter changed by team not handling the customer.
- Many transactions on the same insured individual by the same employee.
- Change in employee's policy terms.
- Policy approved by unauthorized employee.
|
|
Customer Management |
- Customer address changed and then changed back within a short period of time by the same employee.
- Consecutive address change of multiple customers by the same employee, of same customer.
- Change in customer's mailing status (e.g., mail stopped or redirected).
|
|
Collection |
- Wrong splitting of collective policy premium payment.
- Manual (fake) settlement of payment delay.
- Premium payment redirection to a dormant policy.
|
By providing 100 percent visibility into who did what, and when—and adding context to every keystroke—Luminet gives you the intelligence you need to take informed action.
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