In our previous article, we gave you a little taste about the importance of fraud prevention in the insurance industry. Some figures and also we mentioned two of the 5 technologies that are being used to stop them.
So, in this article, we will tell you everything about the 3 technologies that are equally important and necessary for insurance companies to prevent fraud and operate securely in all their processes.
03. Computer vision: Let’s evaluate the cost of the loss.
The computer vision models infer meaning from visual inputs, such as images and videos. The models can evaluate the cost of loss by evaluating videos and photos taken to send a FNOL.
In consecuence, the insurance company has an idea about the cost of repairing the damage.
In the case of LISA Claims, we make use of Computer vision and with this we are able to carry out documentary and photographic analysis to estimate damages more accurately and prevent fraud during the settlement process.
Therefore, we avoid inflated repair claims, where the scammers use false invoices and bills about the maintenance brocedure to get more money from the insurance company.
04. IoT: Let’s notify claims immediately.
The insurance companies can be notified instantly about a claims thanks to the connected universe of intelligent devices.
An example of this could be an event of a car accident, the insurance company will be notified without the policyholder having to contact the insurer, thanks to a beacon installed to the vehicle.
As a result of this, the claim processing starts as soon as the damage is done, giving the scammer little time to manipulate the data to their advantage.
In addition, the insurance companies can use the IoT to compare the policyholder information in the FNOL like the ubication, time and y average speed of a car accident, with the available data stored in the smart vehicle’s memory.
05. Blockchain: Let’s avoid double-dipping frauds
El blockchain is a database network that record such transaction data in real time while addressing security, privacy and control concerns. Therefore, it is beneficial to a number of insurance practices.
Let me give you a real life use case: The blockchain prevents double-dipping frauds, where the policyholders file a claim with more than one insurance company.
Blockchain’s distributed accounting technology could prevent repeated transactions for the same claim from being approved. Only the claim with the most approvals would be considered valid, while the others would be disregarded.
Conclusions
After having diving into this topic, which is very important for the insurance industry, we reaffirm how necessary it is to implement and promote technology in the insurance industry.
All this will bring us a great number of benefits that will not only have an impact on the insurer but also on the honest policyholders.
What would you do if you could find a comprehensive solution with each of the above technologies?
Through our star product, LISA Claims, it is possible to detect and prevent fraud thanks to our wide range of technologies:
- Artificial Intelligence.
- Chatbots.
- Computer vision.
- Blockchain.
Do you dare to innovate your insurance company with LISA Claims?