"Surveys have suggested that up to 25 per cent of household insurance claimants either have, or would consider, artificially exaggerating the value of their otherwise legitimate claim."
Eddie Longworth JEL Consulting in Business Reporter
360Globalnet (over millions of claims) measured 35% of house & contents claimants withdraw claims when they have to sequentially submit evidence on digital claims platform:-
- Brief text description
- Photo evidence
- Video to give context
With this plus the metadata from images insurers find larger number of claims have a fraudulent element and with 360Siteview this weeds out that 35% quickly.
The more professional fraud can be detected with Fraud unstructured data analytics.
See also "White Lies and Misbehaviour- a case for fraud solutions"
Nor is it just the hardened criminals that contribute to the cost and consequences of fraud. Surveys have suggested that up to 25 per cent of household insurance claimants either have, or would consider, artificially exaggerating the value of their otherwise legitimate claim. Insurers view the personal injury market as ripe for fraudulent activity, with over 700,000 claimants anually. Sadly, there are still those in the legal and medical professions who facilitate attempts to commit fraud.
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