In case of a stolen vehicle, the police keep the investigations going until the vehicle is traced and delivered to its owner. However, if they do not succeed in recovering the vehicle after a period of 90 days, they file away the claim, certifying that the case is classified as true but undetected.
An insurance fraud happening due to the involvement of the insured person will be classified as a fraud due to external source.
With regards to role of IT systems in the growth of the insurance industry, success in the insurance industry is expected to come from two areas: Cloud systems and analytics.
Analytics is the discovery and communication of meaningful patterns in data, especially valuable in areas rich with recorded information.
Analytics is a two-sided coin: i. On one side, it uses descriptive and predictive models to gain valuable knowledge from data - data analysis. ii. On the other, analytics uses this insight to recommend action or to guide decision making - communication.
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