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Financial services are facing challenges in increasing their share of wallets due to fierce competition from other institutions providing better offers or more competitive rates. Furthermore, smaller institutions lack the same range of products and services as larger banks, making it difficult for them to…
Claims fraud has infected the insurance industry for decades, impacting nearly all lines and now costing billions of dollars nationwide. The good news is that new technology gives us better ways to identify and stop fraud before it’s a high exposure loss.
According to Sumsub’s report published on BusinessWire, in 2022, fraud has dramatically increased in five countries, with 5.1% in the USA alone. The report stated that fraud in the banking sector has increased nearly 100%. Account takeovers and chargeback fraud are popular schemes used by…
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For insurers, inaccurate claim reserves can lead to staggering loss ratios and insolvency concerns. With funds being allocated to these reserves before there is any report of a potential loss, the margin for error can be catastrophic. According to McKinsey, there was approximately a $30…
Quantifying potential risks in future customers, clients, policies, and premiums can oftentimes feel like a gamble for financial service and insurance companies. In 2021 the insurance industry experienced a $3.8 billion net underwriting loss in property and casualty claims alone, and an 11% increase in…
