Warranty Fraud Detection
Industry studies show up to 10% of warranty costs are related to warranty claims fraud, costing manufacturers billions of dollars.
Most companies suspect warranty fraud, but are not sure of the extent and ways to eliminate it. The existing tools and methods to detect warranty fraud are complex and expensive, causing manufacturers to unwillingly bear the excessive costs.
The volume of claims makes it very difficult for knowledgeable warranty processors to thoroughly review and analyze individual claims.
Use of business rules during the claims process can identify some errors in claims entry, but are ineffective in mining the warranty data to detect anomalies and patterns that indicate fraud. Manufacturers need a powerful, easy-to-use, and cost effective warranty fraud detection solution.
m-ize Warranty Fraud Detection Solution
m-ize Warranty Fraud Detection Solution leverages advanced and predictive analytic capabilities of the IBM SPSS platform to find claims with a high probability of fraud or payment adjustment.
m-ize Solution Enables Manufacturers To:
- Develop models to find anomalies and patterns based on historic claims data
- Isolate the factors that indicate a claim has a high probability of fraudulence
- Discover suspect claims that have the greatest adjustment potential for further review by processors
- Integrate with claims processing, business rules, and reports; minimizing changes to existing systems
m-ize applies the statistical and data mining capabilities of IBM SPSS to the warranty domain to deliver a simple, flexible, and proven solution.
The m-ize team has in-depth knowledge in warranty data, systems, and processes to quickly deliver the warranty fraud detection and analytic solution.
The m-ize solution is available in SaaS model, as a monthly subscription, reducing the up-front investment in expensive software licenses and infrastructure.
Benefits to Companies
- Reduce warranty costs by detecting and preventing claims fraud and overpayment
- Identify claims with high probability of fraud or payment adjustment, improving the effectiveness of claims processors
- Predict warranty costs more accurately
- Improve the integrity of warranty data for quality analysis
Eliminate Unnecessary Warranty Costs
Understand how manufacturers can start saving warranty costs by implementing the m-ize Warranty Fraud Detection Solution.
Contact us today to schedule a complimentary assessment and personalized demonstration for your organization.