With opportunities for such dramatic savings by committing premium fraud, it should come as no surprise that losses from premium fraud can, and often do, exceed those from claimant fraud. A comprehensive set of variables that enable the model to produce accurate fraud risk scores VeriComp Employer derives dozens of sophisticated variables for each policy. The variables describe the employer, compare the employer's payroll with its peers, assess the consistency of claims activity with the reported payroll, and monitor changes in the employer's information. VeriComp Employer provides review staff with precisely the information they need to get the full benefit of its power For each policy, VeriComp Employer provides a fraud-risk score between 0 and 1000 that indicates the likelihood of fraud and reasons that explain why the policy received that score. VeriComp Employer assesses the fraud risk on each policy and assigns a fraud-risk score that directs review staff to the most suspicious policies.
Auditors spend less time reviewing honest policies and catch more fraud without doing more audits.
Focus reviews quickly. VeriComp Employer provides reasons that explain the score each policy receives. The reasons help review staff focus quickly on the most suspicious aspects of the policy. Increase premium collections. Deter premium fraud.