Proving SIU Value
Insurance Special Investigation Units (SIUs), as much as any other business unit, are under constant pressure to prove their value to company stakeholders and budget-setters. Things like ROI and value are not always made clearly apparent to people in charge of allocating resources, and the justification for devoting more budget to anti-fraud resources can sometimes be vague. To that end, data and measurement can become a valuable tool for SIU leadership. An important use of your data may be to prove the value of the unit itself, to justify its usefulness and procure resources. What, then, are some of the best ways we can accomplish this?
Let’s think about your internal stakeholders – senior leadership and the claims department. What are some of the things most important to them? Can they be measured and reported?
Protecting the brand
For leadership and the wider business, protecting the company’s brand is a principal concern. As an SIU tasked with investigating and reducing fraud losses, this may seem like a duty more suited to customer service, public relations, or marketing. However, fraud investigations are sensitive topics for customers, particularly if they are the subject of a perceived or alleged false accusation. Your SIU is challenged with minimizing fraud losses without negatively affecting the overall claims experience for normal customers. What happens when these negative interactions with SIUs occur? Well, here’s what can happen sometimes: