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4May
By Michael Skiba and Roland B. Woerner
4 May 2017

- Transforming Big Data in Actionable Knowledge​

 

We are told that today we are living the age of Big Data, where information is abundant and smart technologies help us processing them. If there is an industry that can benefit from this golden age, it will be the insurance sector…​

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19Apr
By Michael Skiba Insurance Process Optimization: 4 Steps to Increase Profitability
19 April 2017

- Insurance claims consume nearly 80% of insurance company‘s premiums in the form of payments, fraudulent losses, and processing costs. Therefore, insurance companies are justifiably concerned about optimizing the claims process but are often unsure about the most effective method to accomplish this. ​

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5Dec
By Michael Skiba The Internet of Things: How Does It Impact The Insurance Industry
5 December 2016

- Researchers have revealed very alarming statistics about how the Internet of Things (IoT) will impact almost every single individual walking the planet in a very short period of time. Almost every industry will be affected by the number of devices in the world and their relative connection to each other. Imagine a time when your refrigerator can sense that you are in need of milk or eggs and electronically communicate with your local store to order these items. Or when your fitness tracker “talks” to your home thermostat and lowers the heat based on your core temperature. The insurance industry will be no exception to the impact of IoT; and savvy carriers will need to embrace this revolution in order to maintain an advantage in an already highly competitive market. 

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13Jun
By Michael Skiba The Psychology of Fraud - The Fraud Triangle
13 June 2016

- Why Do Fraudsters Commit Fraud Over Other Types of Crime?

 

This second part of the article (see PART 1) we talk about the Fraud Triangle, developed by Columbia University. The Fraud Triangle is a great visual depiction of how fraud occurs. This concept further supports the contention that reducing opportunity should be the key element of counter fraud efforts.           

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7Jun
By Tami Rockholt Inappropriate Trauma Activation Charges
7 June 2016

- A common theme appearing all across the country is the tendency for hospitals to bill a trauma activation fee, ranging from $6,000 to $30,000, for all patients whose injuries arise from a motor vehicle accident, no matter how minor the accident or injuries.  These charges appear even when the patient is triaged by a nurse, examined by one physician and discharged to home after two or three hours.

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