– David Riddell, Automated Audit Solutions Manager, Fidelity National Financial
Insurance companies operate in a business environment where increased competition, market consolidation, and expanding regulatory demands create continuing pressure to better manage risk and optimize operational and financial performance. These organizations 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 organizations 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.
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
- Analyze claims history to identify suspicious transactions and verify compliance with policy limits
- Access and analyze mainframe and legacy data for improved audit coverage across critical business processes
- Support regulatory compliance
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- Application Sheet: Applications for Insurance
- Discussion Paper: Fraud Detection Using Data Analytics in the Insurance Industry
- Contact ACL today to learn more about how ACL software can help you!
