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Warranty costs related to warranty claims fraud
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 bear the high costs unwillingly.
The volume of claims makes it very difficult for knowledgeable warranty processors to review and analyze individual claims thoroughly. During the claims process, the use of business rules 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.
Mize Warranty Fraud Detection leverages advanced and predictive analytic capabilities of the IBM SPSS platform to find claims with a high probability of fraud or payment adjustment.
Mize Solution Enables Manufacturers To:
- Develop models to find anomalies and patterns based on historical 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
Mize applies the statistical and data mining capabilities of IBM SPSS to the warranty domain to deliver a simple, flexible, and proven solution.
The Mize team has in-depth knowledge in warranty data, systems, and processes to quickly deliver warranty fraud detection and analytic solution.
The Mize solution is available in the 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 a 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 mize Warranty Fraud Detection Solution.
WARRANTY
Request for a live demo to learn how to extend your Warranty Fraud Detection to provide an easy-to-use and cost-effective warranty portal.
