Insurance Companies Identify Suspicious Transactions By Analysing Claims History With ACL

2010-09-01

Insurance companies operate in a business environment where increased competition, market consolidation, and expanding regulatory demands create continuing pressure to better manage risk and optimise operational and financial performance. These organisations require an efficient, effective means of ensuring that transactions from all key business processes comply with internal controls and business policies. This can be achieved through continuous, independent testing to identify indicators of fraud, abuse, or suspicious activity.

ACL solutions have enabled insurance companies around the world to improve the effectiveness of their internal controls, increase audit efficiencies, contain costs, and assure compliance with regulatory requirements. Powerful ACL analytics allow insurance organisations to quickly and easily access, compare, and independently check transactions from multiple enterprise application systems against control parameters, business rules, and historical data trends to identify fraud, errors, inefficiencies, and areas of potential risk.

But don’t just take our word on it:

“ACL has greatly enhanced the efficiency, quality, and consistency of our audit process. We can analyse and test entire data populations instead of relying on data sampling. By acquiring deeper levels of technical and business process knowledge, the internal auditor has also become a more valuable commodity to our organisation.”

Thomas Mackie, Principal Audit Consultant, Accident Fund Insurance of America

Contact us today to learn more about how ACL technology solutions can be used to:

  • Support market conduct reviews and compliance initiatives
  • Highlight suspicious transactions to support fraud investigations
  • Analyse claims history to identify suspicious transactions and verify compliance with policy limits
  • Access and analyse mainframe and legacy data for improved audit coverage across critical business processes
  • Support regulatory compliance
Wednesday, September 1, 2010 In: Hot Topics Comments (None)

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