Moreover, 20% of survey respondents between the age of 18-44 will knowingly add misinformation when filling an auto claim. A study in 2023 also suggests that there will be an increase in insurance fraud among the digitally native population.
If you are an insurance company, these numbers are not a good view for you. The power of AI integrated with digital insurance software can be a very powerful tool to combat many forms of fraud. In this blog, we will talk about how Cogitate can help insurance companies with our Claims fraud network analysis.
3 Ways Cogitate Can Save You From Frauds
1. Reducing Frauds During Submission
While it is a scary thought, there is a high chance that you have already insured policyholders who have not been completely honest with you. The first step is to analyze and find potential risks within your books before they become a problem. Integration with well-trusted third-party data providers like Cogitate can be critical in preventing fraud. Remember data validation becomes your first line of defense when dealing with misinformation and omissions.
2. Advanced Detection Tools
Our tool is called Claims Fraud Network Analysis and here’s how it can be helpful:
A fraud network map is created by our insurance fraud detection software integrated with Verisk that highlights possible participants (individuals and service providers) who could be involved in potential insurance claims fraud. In addition, it offers a fraud probability score and fact-based evidence to back it. These elements aid in deciding what further has to be done to avoid significant losses brought on by a failure to detect fraud or by a delay in detecting fraud.
3. Blocking Offenders
Once you have identified offenders using our detection tools, it’s important to block them from renewing future policies. Integration of AI and automation can help with triggering policy cancellations, declining renewals, and blocking future submissions from individuals involved in any kind of fraud.
Conclusion
It is important to use the power of technology for better efficiency, especially when you are serving a digital native generation. If you are worried about fraud, you can contact us. With our experience in the insurance sector with advanced claims fraud analytics, we are fully capable of identifying risk. Our products include DigitalEdge Policy, DigitalEdge Billing, and DigitalEdge Claims. Visit Cogitate.us today.