Annual ECC conference features Fraud Track to provide training and awareness
Portland, ME February 15th – The 40th annual Eastern Claims Conference (ECC) is being held in the Waldorf Astoria, New York City, from February 22 through 24, 2015. The ECC is dedicated to educating claims professionals, legal staff and fraud investigators in the areas of Life, Accident & Health, and Disability claims.
One of the main topics for the ECC this year is fraud detection, with a dedicated Fraud Track providing attendees with fraud training and awareness. There are a number of presentations, case studies, and learning sessions over the three-day event surrounding the issue of fraud detection in the insurance industry.
Fraudulent claims can affect insurance premiums for all parties. The US spends more than $1.1 trillion on insurance annually, with approximately $30 billion being lost to fraud annually.
Over the past few years, the growing interest in big data has generated new ways in which historical information can be used. Big data allows insurers the opportunity to mine larger amounts of data to uncover trends and predictions based on historical information. These trends and patterns can assist insurers in flagging high risk claims to be further explored before payout.
This year, ClaimVantage is focused on developing a predictive model to automatically flag high-risk claims. This will allow low risk claims to be processed in a more timely manner, while administrators concentrate on high-risk claims that increase costs for insurers, and increase insurance premiums for legitimate customers. If you would like to discuss fraud detection and claims management, drop by the ClaimVantage booth at the ECC conference.
ClaimVantage provides Life, Health and Absence claim management software products to Insurance carriers, TPA’s, and employers, including two of the top 3 carriers in Canada, and two of the top ten carriers in the US. The company, with offices in Portland, Maine and Dublin, Ireland, provides efficient, accurate, and productive claims processing and absence management solutions to a wide-range of Insurance Companies, Third Party Administrators (TPAs), and employers. For more information about ClaimVantage, visit www.claimvantage.com.