PRZOOM - /newswire/ -
Charlotte, NC, United States, 2006/09/19 - Insurance fraud is estimated to cost the insurance industry between $20 and $30 billion per year. New online fraud detection and prevention services help identify and prevent fraud..
ECS Reporting Solutions has announced the availability of online services, designed to help the insurance industry to identify and prevent fraud.
Property and casualty insurance fraud is estimated to cost the insurance industry as much as $30 billion per year. Attempted check fraud at the nation's banks rose to $5.5 billion according to the 2004 American Bankers Association Deposit Account Fraud Survey Report. Fraud prevention is a major concern for banks, financial institutions, insurance companies, and government organizations.
The ECS gateway system can be used to create customized reports, notifications and digital dashboards designed to identify and prevent fraud. This enables users to extract information such as claimant profile data, previous loss history data, and almost any other information that can be used to identify possible red flags of fraud.
ECS has virtually unlimited public records databases, and partnerships with leading business intelligence software providers, to provide cutting-edge data mining capabilities, according to information from the company website.
ECS Reporting Solutions also provides affordable consulting and training services for organizations that require additional assistance in developing their reporting solutions. They have a staff of insurance and reporting professionals that can provide expert advice on how to proactively identify and prevent fraud.
Organizations that need help to implement these solutions can get assistance through the consulting and training services provided by ECS. Advice and instructions on how to proactively identify and prevent fraud are included.
"We have been able to create a suite of services that are available to assist insurance organizations to expand their business intelligence capabilities. Using the latest technologies combined with our public records gateway service, we are able to make these services effective, convenient, and far more affordable than other solutions," explained Sara Morrison of ECS.
While insurance fraud is recognized as a growing problem, insurers are caught between many competing and potentially conflicting needs. Insurers face the challenge of processing claims quickly to comply with government regulations, and also identifying possible fraud.
"It is critical for insurers to minimize claim settlement and payment costs through early fraud detection. ECS can assist organizations with integrating the results of customizable analytics to detect fraud early in the claims process. Claims with high fraud scores are routed to investigators for further analysis. This allows insurers to efficiently manage investigative resources so investigators are focused on the claims that are most likely to be fraudulent. We help insurers to decrease set up and maintenance costs by avoiding high risk customers," explained Morrison.
About ECS Reporting Solutions
ECS Reporting Solutions offers strategic business intelligence services for the insurance industry. Clients receive customized reporting services that include custom reports and digital dashboards aimed at detecting and preventing fraud.