Insurance fraud detection software development services

Having completed over 20 projects for blue-chip insurance companies (such as BriteCore, UNIQA, BenefitNet, and Willis), vetted professionals of DICEUS have acquired valuable experience and honed their skills to deliver insurance solutions of any scope and complexity.

By commissioning our services, you can obtain top-notch general insurance fraud software or, more specifically, insurance claims fraud detection software that will meet your expectations regarding its functioning and foolproof usage.  

As a finance-related industry, the insurance realm has always attracted unscrupulous people or blatant fraudsters who want to capitalize on the inadequacy of fraud-prevention mechanisms employed by organizations in this domain. Insurance anti-fraud software is an intelligent digital tool called to forestall such attempts long before they occur and/or detect them if anyone tries to scam insurers.  

Our approach to building a robust insurance fraud detection software 

DICEUS guarantees the delivery of the best-in-class insurance fraud software because our team focuses on the following four staples, which are pivotal for an efficient insurance fraud detection system. 

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Key features of fraud detection software 

Our qualified and certified developers can build any functionality for the bespoke fraud detection solution that dovetails with the company’s area of insurance business. They can come as a bonus to the bread-and-butter features garden-variety insurance fraud investigation software contains.  

  • Predictive modeling for risk assessment. These tools are based on statistical analysis and machine learning techniques to pinpoint patterns symptomatic of different risks and generate a threat score for each case involved. 
  • Anomaly detection algorithms. They look for unexpected or unusual data patterns that may point to fraud. Here belong claims with abnormally high payouts, those filed very soon after an accident, etc. 
  • Pattern recognition and behavioral analysis. Rather than looking for irregularities, this feature can detect trends across the data fed into the system and read into human behavior, which helps predict fraud threats.  
  • Integration with external data sources for comprehensive analysis. To let insurers obtain a 360-degree view of each claim suspected of fraud, the solution must be able to draw upon third-party data sources and analyze information retrieved from them. 

top fraud detection techniques

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top fraud detection techniques

Benefits of custom fraud detection solutions for insurance

Insurance agencies and companies that make custom fraud detection insurtech products a vital part of their IT ecosystem report the following improvements to their shop floor routine. 

Increased fraud detection accuracy

The technology steps up fraud identification, enabling personnel not only to expose typical and major threats but also to alert them to low-incidence events that can pose potential scam danger.  

Cost savings through reduced fraudulent claims

Since the number of fraudulent claims is kept to a minimum, companies save a pretty penny on losses they might incur otherwise.  

Enhanced operational efficiency

The employment of fraud detection solutions allows insurance organizations to streamline and facilitate their workflow immensely and augment the productivity of their staff. 

Real-time alerts and notifications

By sending messages to their users in real-time, anti-fraud solutions let users keep their finger on the pulse of current developments 24/7 in each insurance case. 

Our insurance fraud detection software development services 

DICEUS covers all the needs a company may have related to custom insurance fraud detection software development. 

Custom development 

Our vetted experts can perform an end-to-end development of any insurance anti-fraud solution from scratch. Doing this, they will follow all business and system requirements of the customer to deliver a product that will allow them to step up personnel efficiency and minimize financial loss and reputational damage as a result of fraudulent activities. 

Integration with existing systems 

If an insurance organization is satisfied with its current IT infrastructure but needs a special fraud detection functionality to be added to it, we will develop and implement such a module. We guarantee its seamless integration with the software environment the company relies on in its pipeline, and its excellent performance across all types of hardware employees utilize.  

Training and onboarding of staff 

The high quality of anti-fraud software may not yield the expected outcome if it is carelessly used by a negligent workforce with low awareness of the problems they face. DICEUS will set up a training process that will teach both current employees and newcomers about fraud risks, anti-fraud policies, and reporting mechanisms, as well as provide the necessary tools to make them fully prepared for addressing challenges in this field. 

Maintenance and support 

As a responsible vendor, DICEUS doesn’t call it a day when an insurance fraud detection project is over. We stay with our clients as long as they need to oversee the operation of the system we deliver, fix minor issues in case they crop up, and provide timely help and advice concerning the functioning of the software in question.  

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About DICEUS

2011the year DICEUS was established
130projects delivered successfully
8offices around the world
GlobalDelivery Center in Poland
250full-time tech professionals
100IT services available

Testimonials

Elena Markova

Elena Markova

Board Member, UNIQA Ukraine
riskville

We were impressed by the depth of the UX analysis they did in terms of our customer’s research, buyer persona creation, user journey mapping, etc. All the information like research findings, for instance, was presented in a clear form (presentations, Miro boards, clear infographics) so it was quite easy to understand what we need to build and why.

Antoaneta Karagyozova

Antoaneta Karagyozova

CPSO, Fadata
fadata

We are happy with DICEUS’ software implementation services. The team’s workflow is highly effective and professional in all aspects of the engagement. All clearly understand what goals we’d like to reach and do their best to do that as efficiently as possible. Overall, the partnership has been successful.

Phil Reynolds

Phil Reynolds

CEO, BriteCore
britecore

The DICEUS team has consistently supported the BriteCore team for many years. Their engineers are well-educated and highly invested in the ongoing quality of the BriteCore platform with sustained relationships that extend over four years. We appreciate everything the DICEUS team brings to the table as a development partner.

Our case studies

FAQ

What is insurance fraud detection software?

It is a complex of disruptive solutions insurance companies utilize to prevent, identify, investigate, and verify fraud attempts related to claim filing and disbursement payments. To be efficient in its functioning, insurance fraud detection software must rely on cutting-edge technologies and tools. 

How does anti-fraud technology for insurers contribute to fraud prevention?

Instead of trying to redress the consequences of successful fraud attempts, insurers should be proactive in identifying and forestalling fraud threats. Anti-fraud technology is a second-to-none instrument for pinpointing suspicious and anomalous activities that bear a high degree of fraud risk and prevent them from inflicting damage on the organization. 

What is a claims fraud detection system, and how does it enhance security measures?

A claims fraud detection system is a sum of measures and instruments employed by insurance agencies for combating fraud. It includes the development of a well-defined fraud detection and prevention policy, auditing, monitoring, and revisiting all anti-fraud practices on a regular basis, embracing relevant AI-powered software, educating personnel responsible for claim handling, etc. When meticulously implemented, the system becomes a crucial element of the comprehensive security strategy every insurance company should have in place. 

What are the benefits of custom insurance fraud detection software?

If developed and implemented by a competent IT vendor, a custom insurance anti-fraud system will accelerate fraud detection, improve its accuracy, minimize associated losses, step up the company’s productivity and efficiency, augment risk assessment, and more. 
 
 

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