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Insurance Fraud: Using Data Analytics for Insight & Detecting Fraud

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Over $80 billion in fraudulent claims are paid out across all lines of insurance each year many to exploiters of the system.

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Free chapter meeting (Webinar): however if you and your company are able: Pay what you can or enter zero is just as acceptable - just enter the code DAMA for zero payment.

Topic: Insurance Fraud: Using Data Analytics to gain insight and detect Insurance fraud

Abstract: It is estimated that $80 billion in fraudulent claims are paid out across all lines of insurance each year. This could be either soft or hard fraud, that is perpetrated by lone individuals or organized groups that are quickly learning and exploiting the loopholes in the insurance system. The challenge for most insurers is that detecting, investigating, and mitigating these deceitful claims is a time-consuming and expensive process. Rather than accepting loss to fraud as part of the cost of doing business, insurance companies are enhancing their detection capabilities using machine learning and data science. In this presentation, Joe walks through the strategies and key considerations around implementing insurance fraud analytics. We also look at other use cases where data and analytics can help solve problems in the insurance industry.

Speaker: Joe Paul is a data scientist, management consultant, and project manager with over 15 years of experience in analyzing problems and providing innovative solutions through business analysis and data analytics. He has worked for clients in the Insurance, Health, and Lottery & Gaming, Utilities and Oil and Gas sectors.

Joe heads data analytics at Peace Hills Insurance setting up a new Business Analytics initiative by implementing business processes and technology solutions to integrate and improve the existing Business Intelligence capacity and capability.

Peace Hills General Insurance Company is a Property and Casualty (P&C) insurance company that has been serving Western Canada since 1982. It currently has around 250 million in annual revenues with head office located in Edmonton, Alberta and branch offices in Calgary Alberta; Vancouver, British Columbia; and Winnipeg, Manitoba. It currently employs over 200 staff, who work with over 500 independent broker offices offering our commercial and personal property and automobile products.

For more information, email: damaedmonton@gmail.com

Professional Certification for Data Analytics Professionals (Certified Data Scientist or Certified Data Professional - Business Analytics specialty)

Certified Data Professional, Certified Data Governance and Stewardship Professional, Certified Big Data Professional, and Data Science Certification Programs are available from:https://iccp.org 


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