Industry leader fights fraudulent claims with new technology based tools

Industry leader fights fraudulent claims with new technology based tools

Claims typically account for up to 80% of an insurance company’s costs, making the way the claims process is managed vital to a company’s profitability. This is particularly true in times of economic uncertainty, with growing pressures to settle claims faster with transparent fairness – but with fewer resources. Unfortunately, the claims process is typically time-consuming and labor-intensive, involving multiple systems, outdated technology and distributed operational units. The resulting inconsistent processes and inefficient data management sap resources and slow turnaround times, which leads to negative customer experiences. Predictive insurance claims…

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Questionable tow and glass claims run rampant

Questionable tow and glass claims run rampant

When you think of insurance fraud what may come to mind is running a car off a cliff or starting a fire to collect, but trends are showing thieves going for smaller pay outs. It’s no surprise, insurance fraud has been around since the first insurance policy, but many are getting creative with the wash, rinse and repeat formula in fertile areas that have no-fault insurance laws like Florida and New York. According to the latest National Insurance Crime Bureau report auto glass claims have risen 511% since 2008 and…

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