Experts from SAS and Manulife discuss proactive insurance fraud prevention in light of digital transformation, highlighting how technology empowers insurers while creating new challenges for fraudsters.
In today’s digital age, insurers are increasingly turning to AI, data analytics, and other advanced tools to combat evolving fraud tactics. According to Eduard Sargsyan, Head of Insurance Business Advisory at SAS Institute, and Brian Wu, Director and Anti-Fraud Officer at Manulife, leveraging these innovations is crucial for building a secure ecosystem.
Sargsyan emphasizes the shift from reactive detection to proactive prevention through digital technologies. Despite advancements like AI and predictive modeling, he stresses the irreplaceable role of human expertise in fraud investigations and decision-making. SAS’s experience implementing anti-fraud projects underscores the importance of data quality and organizational readiness in maximizing technology’s impact.
For Wu, the focus is on combating sophisticated transnational crimes, including identity theft facilitated by digital platforms. He advocates for robust data analytics capabilities and cross-functional collaboration to enhance fraud detection strategies.
Both experts agree on the need for continuous adaptation as fraud tactics evolve. Wu suggests proactive measures such as automated authentication and leveraging generative AI for complex pattern recognition.
The insights from Sargsyan and Wu will be further explored in the upcoming webinar “Strengthening Defences: Navigating Insurance Fraud Prevention with SAS” hosted by Insurance Asia and SAS on June 20, 2024. This event aims to equip insurers with strategies to effectively navigate the challenges posed by digital transformation in fraud prevention.
