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MIM68.indd 42 19/11/2024 12:37 pm
THE FRAUD BOARD SYNERGIES FOR SUCCESS: THE POWER OF COUNTER-FRAUD COLLABORATION Cross-sector and cross-industry collaboration is crucial in many areas, including counter-fraud strategies. But first, let’s take a step back and consider a classic football debate: Paul Scholes, Steven Gerrard, or Frank Lampard? Three top-tier central midfielders, but only two spots on the England team. Each brought unique strengths, yet successive managers struggled to fit all three into the lineup, often forcing one into an ill-suited role. The result? A weakened left midfield, compromising the entire team’s performance. Managing an insurance counter-fraud team isn’t so different. The key is to blend the right mix of skills, capabilities, and technology— a challenge that mirrors the decisions of a football manager. Today, counter-fraud professionals are spoilt for choice with various solutions to detect fraudulent activity or behaviour. However, this abundance can lead to an ‘arms race’ - not just between insurers and fraudsters, but also among insurers themselves. The fear is that falling behind on technology will make you an easier target. Keeping pace and ensuring you have the right players in the right positions is critical. One area often overlooked is how individual solutions can work together as part of a cohesive fraud defense. Rather than relying on isolated tools, a better approach is to foster collaboration between your vendors, leveraging the synergies of their products. Take image and document analytics as an example. Fraudulent claims often involve manipulated images or documents, and common detection methods include: • Analysing metadata for consistency with the claim • Identifying duplicate or previously used images • Screening for images sourced from the internet • Spotting pixel manipulation in images • Detecting changes to PDF documents While these techniques are all valid, they predict fraudulent behaviour in different ways and can result in varying levels of false positives. This is where vendor collaboration becomes powerful. By encouraging your counter-fraud platform provider to integrate with a digital media forensics provider, you can adopt a ‘best of breed’ approach. Each detection method can be scored based on its predictability, and when combined within an integrated fraud defense, you can deploy resources where the highest chance of success lies. This also strengthens the feedback loop with your vendors, improving future detection capabilities. When your vendors collaborate, you can choose the best solutions without compromise, ensuring you won’t end up with Paul Scholes out of position on the left wing. Kaye Sydenham, Product Owner - Anti-Fraud, Verisk Martyn Griffiths, Sales Manager UK&I, FRISS LEVELLING UP: A VISION FOR PEOPLE AND PERFORMANCE As HR Business Partner at NetWatch Global, I work closely with the leadership team to enhance the workplace experience, improve team performance, and increase employee retention – all essential factors in delivering for our clients every day. In recent years, NetWatch has enriched the team’s experience with retention boosting initiatives, including professional qualifications, enhanced benefits packages and clear career pathways. Whilst we’re a small business with big ideas, budget constraints mean we must be strategic about which initiatives we pursue, ensuring they don’t put undue strain on the business. NetWatch recently integrated L&D analytics to gain insights into skill sets and training needs through strategic investment in a psychometric assessment tool. This tool evaluates our team’s potential for long-term success, helping us hire top talent and support their development effectively. Whilst we now leverage data science to determine our training needs, we continue to depend on time-consuming and resource-intensive traditional methods to address them. To that end, if budget were no object, my vision for NetWatch would be to implement a cutting-edge global learning platform, leveraging modern technology including augmented reality and gamification techniques for training delivery and client service. Internally, this platform would elevate NetWatch as a great place to work by offering state-of-the-art CPD opportunities, setting us apart from competitors. The platform’s unique feature would be its AI-powered personalised learning paths tailored to each colleague’s role, goals, and skills gaps. Following an initial assessment, the platform would curate a personalised curriculum of learning resources to enhance existing skills and develop new competencies for both professional development and improved company performance. Whilst some materials would be traditional (such as accredited qualifications), others would be delivered through engaging and immersive learning experiences, with gamification playing a key role. Gamified elements would introduce challenges, rewards, and progress tracking, making learning more motivating and enjoyable – and encouraging some friendly competition amongst colleagues! From a client perspective, this platform would position NetWatch as more innovative and future-focused, serving as a powerful tool for client engagement and education. Clients could step into the ‘NetWatch Globe’ – a virtual environment where they can meet key company figures without the need for time-consuming travel. Clients could jump into interactive and engaging product demonstrations, visualising how our solutions work in real-time scenarios. Additionally, clients could participate in immersive virtual reality training sessions alongside our analysts, gaining first-hand insight into our team’s approach to online investigations. This deeper level of engagement would enhance our clients’ understanding and strengthen their confidence in our capabilities and expertise. Whilst budget constraints may pose a challenge for now, we are committed to doing everything possible to ensure that NetWatch remains a fantastic place to work, grow and deliver exceptional services. Helen Wakeman, HR Business Partner, NetWatch Global MODERN INSURANCE | 43 MIM68.indd 43 19/11/2024 12:37 pm
Page 1 and 2: ISSUE 68 ISSN 2515-3803 “The 150,
Page 3 and 4: WELCOME Hello readers! In Issue 68
Page 5 and 6: 8 12 14 21 34 41 51 53 55 57 58 Ins
Page 7 and 8: NETWATCH GLOBAL Levelling Up: A Vis
Page 9 and 10: INSIGHT In today’s business lands
Page 11 and 12: INSIGHT Furthermore, if you empower
Page 13 and 14: Q Tell me more about the EMBRACE mo
Page 15 and 16: What’s the biggest challenge you
Page 17 and 18: How are you managing industry relat
Page 19 and 20: Is there a need for increased trans
Page 21 and 22: EDITORIAL BOARD Engagement and Empa
Page 23 and 24: Building an Environment that Works
Page 25 and 26: EDITORIAL BOARD A Unique Company Cu
Page 27 and 28: EDITORIAL BOARD Going Above and Bey
Page 29 and 30: EDITORIAL BOARD Kinetic 2025: Movin
Page 31 and 32: EDITORIAL BOARD The Benefits of Mod
Page 33 and 34: EDITORIAL BOARD Digilog Land in the
Page 35 and 36: ASSOCIATIONS ASSEMBLE Sue Brown Tit
Page 37 and 38: ASSOCIATIONS ASSEMBLE Dr Matthew Co
Page 39 and 40: ASSOCIATIONS ASSEMBLE Julie Comer T
Page 41: THE FRAUD BOARD Over the coming wee
Page 45 and 46: THE FRAUD BOARD IT AIN’T WHAT YOU
Page 47 and 48: THE FRAUD BOARD SPOTLIGHT ON INTERN
Page 49 and 50: THE FRAUD BOARD THE VALUE IN SUPPOR
Page 51 and 52: Changing EV Attitudes: Can the ABI
Page 53 and 54: At the recent annual conference of
Page 55 and 56: IT’S TOUGH AT THE TOP At the time
Page 57 and 58: STANDING OUT FROM THE CROWD In an i
Page 59 and 60: Transparency for insurers too Our i
Page 61 and 62: minutes with... John Gibson Title:
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Page 65 and 66: INSURTECH WELCOME Greetings, and we
Page 67 and 68: INSURTECH We’ve seen significant
Page 69 and 70: INSURTECH QThe LIMRA LOMA Annual Co
Page 71 and 72: INSURTECH For example, a group of d
Page 73 and 74: INSURTECH INK EDITORIAL BOARD or nk
Page 75 and 76: INSURTECH The Unfolding Story of In
Page 77 and 78: Communication: The Crucial Ingredie
Page 79 and 80: INSURTECH Know Your Customer Knowin
Page 81 and 82: INSURTECH Today’s Business Essent
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Modern Insurance Magazine Issue 68

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Modern Insurance Magazine Issue 68

Transform your PDFs into Flipbooks and boost your revenue!

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