Education Update By Mike Skiba, MBA, PhD Member Question: I recently read an article you wrote for a claims industry publication on fraud and data analytics. Can you expand on the key points? Of course! Utilizing and leveraging the power of data will be the game changing strategy for 2018; carriers need to focus on this area in order to avoid being left behind. The research indicates that there will be more data in circulation in the next six months than in all human history! Here are some of the key points from the article. * Companies can become significantly more efficient by using advanced analytics. Carriers that use these systems can increase their fraud detection capabilities and also optimize process at the same time, which is a win-win scenario. Manual fraud detection is extremely effective, but it is time consuming and cumbersome, and coupled with the immense data that will be in circulation, this will become a monumental task. One well trained SIU analyst utilizing an analytical system can scan thousands of claims, which will allow for more focused efforts and result in SIU's keying in on those cases that bring the highest success rate. Analytics are not meant to replace the traditional SIU structure, but work in tandem with these platforms to maximize results. SIU TODAY | SPRING 2018 | 27