Before using Risk Hawk
It’s estimated that financial services companies worldwide lose 8% of their gross revenue to fraudulent activities. A major insurance company wanted to reduce its case management cycle time and streamline its fraud prevention process in order to reduce the risk of fraud losses. Verifying any fraud was a lengthy procedure that required sending data to different units and agencies to identify the fraud.
The firm lacked a central system wherein all of its fraud cases could be verified systematically and investigated. There was no transparent assignment of case ownership over its lifetime, centralized tracking of all active fraud cases and there was a general feeling of process instability that was beginning to draw attention from the regulator.
The key to the solution- Risk Hawk!
Using Risk Hawk, the company was able to verify, confirm and investigate every potential fraud, develop action plans, gather artefacts, confirm and assign each action automatically to respective employee or department based on the requirements. Information segregation across departments was also done effortlessly in the system.
Thus, the firm was able to increase process efficiency by at least 42%. Reduced cycle time meant that they were able to also prevent more fraud losses as more cases could be resolved within the stipulated timeframe. The whole process which used to take weeks to complete was done smoothly and securely within a couple of days, thanks to Risk Hawk.