High-tech solutions for tackling fraud

The swindling of policyholders and insurers by insurance agents is making national headlines. People are reacting with suspicion and are demanding assurance that their interests are being protected. Insurers need to provide that confidence and, in the process, they need to eliminate the impact that...

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Bibliographic Details
Published in:Best's review (Life-health insurance ed.) 1995-01, Vol.95 (9), p.66
Main Author: Atwood, Rex
Format: Article
Language:English
Subjects:
Analysis
Asset acquisitions
Cash flow
Compensation
Corporate profits
Costs
Customers
Data bases
Fraud
Households
Insurance agents & brokers
Insurance companies
Insurance industry
Internal auditors
Life insurance
Prevention
Sales
Software
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Summary:The swindling of policyholders and insurers by insurance agents is making national headlines. People are reacting with suspicion and are demanding assurance that their interests are being protected. Insurers need to provide that confidence and, in the process, they need to eliminate the impact that these practices have on their own bottom line. Most insurers have a system for monitoring internal replacement when a policy has been identified as a replacement. The trick is to identify all policy cash value internally replaced by each customer. This can only be accomplished by applying advanced database technology. Insurers must first identify the company's products that will feed the marketing database, including pertinent product data such as cash value. Then, the names and addresses related to those files must be "parsed." Parsing software cuts names and addresses into discrete parts for standardization and matching. Using this information, software programs are written to adhere to company rules regarding policy exchange and agent compensation.
ISSN:0005-9706