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Financial institutions leverage data for success, but soaring third-party and operational risks threaten to derail the ride. Did you know? 👇 • Data breaches caused by third parties cost an average of $4M 💰 • Regulatory actions by FDIC & OCC have doubled over the past year 📈 (Now for the good news. 🎉) In his latest blog, Maksym Ostapenko, product management leader at Vendia, shares how financial leaders can build a standard of care framework for secure, compliant data exchange—lowering third-party risks, improving regulatory compliance, and strengthening business partnerships. Learn how ➡️ https://vendia.fyi/4ahTzj1 #thirdpartydatariskmanagement #datariskmanagement #financialservices #dataautomation #standardofcare

Zala Insurtech News: Resilience expanded its capabilities through the acquisition of BreachQuest, an innovative incident response technology solution.  The post Resilience Acquires BreachQuest to Bolster Client Incident Preparedness Against Email Compromise appeared first on Insurtech Insights. Read on below >> #insurance #innovation #insurtech

Utilizing a Multi-Payer Closed Claims ReadyData system can provide organizations with a competitive edge in the claims process. By accessing comprehensive data from multiple payers, organizations can make informed decisions, identify trends, and detect fraud more effectively. This leads to improved efficiency, streamlined processes, and potential cost savings in claim management. Leveraging insights from diverse data sources enables organizations to optimize their strategies, enhance decision-making, and ensure a more transparent and efficient claims process. #MultiPayerData #ClaimsProcessing #Efficiency #FraudDetection #CostSavings

Accelerate and simplify invoice review and approval workflows with Timesmart.AI. Our innovative solution can be automated to mitigate the risks associated with human error, improve payment accuracy and transparency, and help organizations adhere to everchanging regulatory compliance and prevent fraud. #HealthcareCompliance #HealthcareTechnology #ContractCompliance #PhysicianCompensation #ComplianceManagement #HealthcareRegulations

In the battle against healthcare fraud, waste, and abuse, experts shed light on the underlying challenges. A recent Codoxo survey spotlights critical obstacles such as identifying providers of interest, which constitutes half of the SIU team’s focus, while operational issues surpass technological barriers. With departments grappling with these complexities, Codoxo's powerful Fraud Scope platform is proving indispensable in enhancing detection and improving ROI - as real-time survey responses from customers indicate. View our recent infographic to learn how AI is shaping the future of healthcare cost containment.  #fwa #paymentintegrity #aiinhealthcare 

Back in the early 2000s, I founded my first company with a focus on tackling fraud in the financial sector, dealing with large and complex institutions, particularly in the mortgage field. We grew significantly, serving over 400 banks before being acquired in 2009 by NYSE: LPS (now ICE). Throughout this period, despite various changes in the financial world, our central aim remained steadfast: to help protect customers from fraud and contribute to a safer financial system. Presently, we observe a comparable issue in the healthcare sector. Similar to the financial sector, fraud in healthcare represents a substantial challenge. The healthcare system is in urgent need of an overhaul, grappling with outdated data management practices, complex billing systems, and inefficiencies in back-office operations. Though the financial and healthcare sectors are distinct in many ways, they share common challenges. Both sectors require innovative strategies for developing data-driven products and operating within highly regulated and complex environments, involving a various organizations, and stakeholders. At Zenda Capital we are keen to contribute our learnings gained from our recent research work and experience in building and managing businesses across various regulated sectors -> https://lnkd.in/e4FGbydX Cc: Jeffrey Dong, Bailey Richards

AI is already transforming the insurance industry, affecting claims, fraud detection, underwriting, and more. But we must balance AI's potential with data accuracy, ethics, and human expertise. Nika Lee, Chief Underwriting Officer at Aioi Nissay Dowa Europe, recently spoke to Insider Engage about our partnership to build a unique fraud detection and prediction solution, enabling AND-E to save 2% on their capped indemnity spend (tracking to double this year!) Find out more about how you can revolutionise your fraud detection: https://lnkd.in/edpR5G_Z #AIinInsurance #ResponsibleAI

Watch Damco’s on-demand webinar to learn how to optimize the first notice of loss process in the insurance claims journey through AI-enabled tools. Check out here 👉 https://lnkd.in/gBnBJ3ac #insurancetech #aiinclaims #ai #aitech #insuranceclaims

"DataFix is doing what I call, the dirty plumbing between all our systems. End users can simply click on a button and obtain accurate policy agreement data and commission percentages while Synatic works in the background cleansing, verifying, and integrating data..." Read More about DataFix and Synatic in our case study -> https://hubs.ly/Q027fCPm0 #automation #insuranceagent #insurance #insuranceindustry #Insurtech #DIH #DataFix

A great article from SimplyBiz in Professional Adviser this week which begs the question what are the tools and systems that firms are having success with in meeting the requirements and data needs (as well as better serving their customers)? Comentis Ltd is what you are looking for - a powerful non-invasive assessment tool which can work across Financial Services and Care and Health sectors, which has built in data reporting. What if you discover vulnerability? Well their Vulnerability Support Framework is free to everyone - download a copy here https://lnkd.in/eFxdp2ra