Question

Explain how the use of "Big Data" techniques can impact the process of gathering evidence in a fraud investigation.

Answer 1

Understanding the importance of reducing fraud as well as the challenge of mining evidence from a large volume of billing and claim data, our custom-built insurance fraud detection application focuses on delivering:

• Powerful and scalable big data platform: processes structured and unstructured data to analyze and detect suspicious patterns
• Affordable, secure open source Hadoop architecture:for high-performing content processing and indexing power combined with increased flexibility and cost reduction
• Predictive analytics: compare statistical patterns against previously known fraud schemes to find fraud indicators and create red flag alerts
• Intuitive, real-time dashboard: compiles and presents results from multiple data sources graphically in real-time, for immediate trend spotting
• Advanced faceted search and query suggestions: drill down to individual billing details and save time with auto-suggestions for common requests or trends
• No SQL knowledge required: investigators with no technical background can analyze the entire data set using a familiar search interface

BENEFITS

• Immediate ROI through a big data powered fraud detection application
• Increased accuracy, speed, and agility with a predictive analytics and machine learning
• Reduced reliance on business analysts and SQL knowledge
• Timely legal case development with red flag alerting feature and direct access to evidence of fraud