When traditional people roles become impossible, technology steps up to the plate. COVID-19 exposed a problem that had been sneaking up on insurers for years – a human simply can’t be everywhere they’re needed, every single time. The problem goes beyond the pandemic. Rural or inaccessible areas make timely inspections difficult to impossible, and the increasing prevalence of customer self-service makes it easier to cheat the system.
Buying into embedded solutions allows you to process claims in ways that you have never been able to do before. With today’s modern core systems and the enabling products that plug in, you can do some creative new things to better serve your customers. First, let’s take a quick history lesson.
Beating big disasters
Exploiting insurance is not a new phenomenon. During the 2008 economic downturn, there were examples of fictitious vehicle losses, mysterious disappearances that skyrocketed shortly after. Hurricanes Harvey and Irma in 2017 were responsible for tens of thousands of flooding claims in South Texas. At that scale, even a small percentage of fraudulent or inflated claims will have a huge impact.
Now we’re seeing telemedicine being used to treat whiplash or ankle injuries from car accidents. This alone doesn’t indicate fraud, yet we know it’s much easier to lie or embellish when you’re not looking someone directly in the eye.
The ability to accurately and quickly triage claims is extremely important during any catastrophe event, and COVID-19 is no different.
Cashing in on Coronavirus
COVID-19 has created an avenue for both opportunistic and organized fraudsters. While the organized type might try age-old schemes or take advantage of the current situation to invent new ones, the average person may be tempted to cash in on a smaller scale, like inflating a claim when an adjustor isn’t present. In both cases, the right technologies can ensure safe claims processing while offering superb customer experiences.
Simple strategies to beat the next big disaster
FRISS allows you to streamline your claims process, confidently green-lighting claims that show no risk of fraud. Doing so enables you to pay legitimate customers as quickly as possible, being there in their time of need and earning their trust. Though legitimate claims account for the vast majority, FRISS also highlights those claims that show signs of suspicion, meaning payment can be blocked for illegitimate claims while your team takes the time needed to investigate.
Of course there are claims that need a further look, and the Coronavirus has made it difficult to adjust claims – at least in person. That’s where Livegenic comes in. Clients can remotely document claims right from their desktop, not having to spend the time and the money sending out a physical inspector. They are able to connect with live video or fully offline self-service, meaning a constant internet connection is not really needed to use their tools. Footage acquired via Livegenic can be compared with images provided by the client, affording another check against fraud.
There are certainly some cases where you truly cannot be there for your customers even if you wanted to be. Pairing just these two technologies means carriers get the information they need, in real time, to triage and process claims as quickly as possible and with a high level of confidence. Customers benefit from seamless service and appreciate their carrier making good on their promise to protect them in times of need.
This article is based on a conversation with Dan Gumpright from FRISS and Loden Culler-Ledford from Livegenic. Watch on-demand to see FRISS and Livegenic in action.