The detection and prevention of fraudulent insurance claims have always been an ongoing struggle for insurance companies. According to the Coalition Against Insurance Fraud, insurance fraud costs the industry around $308.6 billion a year in the United States alone. The problem is particularly acute in the home, and motor insurance claims sector. Traditional methods of detecting fraud are often reactive, expensive, and time-consuming.
Fortunately, Livegenic has developed a virtual collaboration tool that can help prevent fraud in insurance claims.
Insurance companies can quickly identify false claims by allowing policyholders to submit verifiable and tamper-proof video evidence of their claims and avoid paying out unnecessary settlements.
Livegenic's technology allows GPS location data to be automatically embedded in each video, providing insurance companies with an added layer of verification. This geo-tagging feature ensures that submitted video evidence is genuine and accurate. As a result, insurance companies can now have trust in the visual proof submitted by policyholders, which ultimately leads to a more transparent, accurate and efficient claims process.
The impact of fraud on insurance companies cannot be overstated. It results in financial damages that erode customer trust and causes additional problems that can hurt businesses. The use of our virtual collaboration tool is a game-changer in combating fraud, making it incredibly difficult for fraudulent claims to prosper.
As technology continues impacting the insurance industry, companies must proactively prevent fraud. With the right tools and technology solutions, insurance companies can stay ahead of the curve and ensure excellent customer service while protecting their businesses.
Livegenic is a robust solution for the insurance industry. It provides an essential layer of protection against fraud and allows insurance companies to trust the visual proof provided by policyholders.