Preventing Fraud With Remote Claims Inspection
Most new developments in technology bring equal parts hope and fear. When we consider “paradigm shift” advancements, like the way the internet has changed all aspects of humanity in the last few decades, the potential for connectivity and communication has also borne the dark threat of fraud and abuse towards vulnerable peoples. While progress is always necessary, care must be given to make sure that those susceptible can be protected from others who choose to use new advancements to prey on people.
In insurance, that pervasive threat is named, “Fraud”. According to the Insurance Information Institute, fraud costs the insurance industry an estimated $40 Billion a year, accounting for nearly 10% of all losses in property/casualty insurance. The purveyors of fraud are crafty and clever, always looking to exploit new technologies to take advantage of carriers. Unfortunately, this can lead to hesitance and “Digital Dread” for some carriers concerned about upgrading their business without knowing how to handle these new hazards.
In a recent PropertyCasualty360 article, “Fighting Fraud with Tech Innovation”, the author focused on some of the issues for opportunities of fraud during remote inspections. We wanted to take the time to address these concerns. Thankfully, Livegenic’s particular take on remote and virtual solutions make us uniquely secure and safe in a way others may not.
The biggest method for remote inspection fraud are forged photos and videos. How does the carrier know the photo/video is current? How can it be certain that the policyholder hasn’t lifted the documentation from the internet of a completely unrelated damage? Some companies are offering photo verification to carriers to ensure that the photo is not a duplicate by performing digital comparisons to other photos on the internet, determining whether or not the photo has been doctored or used in a previous claim.
These are all valid concerns, however, in Livegenic’s case, they are all rendered moot by our software suite’s most powerful tool: Live Collaboration. Rather than some system’s user-focused “Point and Click” self-service, Live collaboration is a live streaming communication between adjuster and policyholder via the customer’s smartphone. The adjuster can see and direct (in real-time) the policyholder how to document their claim, saving all evidence in one convenient place on Livegenic’s secure server. This collaboration removes the possibility of fraud by retaining the “human touch” that can be lost with other remote inspections. This human touch maintains the ability for an adjuster to discern the validity of a claim with further directed inspection, and removes the opportunity for digital manipulation by fraudsters. Furthermore, Live Collaboration incorporates other fraud prevention features like GPS location and metadata verification to ensure the validity of the content that is recorded.
New technology will always come with risks, but not all progress is created equal. Livegenic has taken care to ensure that our particular method for remote inspections and virtual solutions is safe and effective for preventing fraud to carriers. Don’t take our word for it: Request a Demo below and see how Livegenic is keeping carriers both safe and on the cutting edge of digital capabilities.