Insurance Fraud Prevention using Six Sigma
People perpetrate insurance fraud, which costs the industry lose to millions. Insurance fraud, on the other hand, is also hard to detect, with the right tools in place therefore the insurance companies have to stay observant. This can allow them to be proactive and identify when fraud is about to happen and prevent it before the damage is done. To prevent fraud, Insurance companies can take the Six Sigma methodology into their business processing which will check the damage from henceforth. So, What is insurance fraud and how is it detected? Insurance fraud is a scandal. It is an activity that is directed by the fraudulent act of profiting from the insurance claims process. Basically, a petitioner files an insurance claim they know is false i.e. filled with wrong information, in order to receive some gainful that they aren’t entitled to. To prevent insurance scams from occurring, it is first required to be detected. Fraud exposure is a powerful business analysis tool that o...