High-tech solutions for tackling fraud

Article Abstract:

Technology will enable insurance firms to monitor agent sales methods and customer buying patterns in order to prevent fraud. Neural networks, which can simulate the analytical patterns of the human brain, and regression modeling, which analyzes the future with reference to the past, can analyze the insurance market. The insurance regulatory groups, the insurance industry and insurance industry analysts must work together to prevent insurance agent fraud.

Prepackaged software, Software Publishers, Applications Software Pkgs NEC (Micro), Business Software (ex Micro), Prevention, Applications software, Insurance fraud

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Catch and keep clients by using your database

Article Abstract:

Insurance companies can improve their performance by having a database with five to 10 years of information on each policy. Reviewing the database will enable agents to determine why clients were lost or retained. A complete picture can be painted through an analysis of competition with other insurance companies, the loyalty of current clients, the performance of insurance agents and lost opportunities through lapsed policies.

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Turning orphan accounts into selling opportunities

Article Abstract:

Insurance companies have an on-going problem in servicing orphaned accounts, which are customers with no assigned insurance agent, no activity over a period of time, no service or no asset growth. From 1991 to 1996, over 60% of surrendered accounts were orphaned. Thus developing programs to service orphaned accounts will improve retention and company profits.

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