Weekly Insurance Claim Update
Many times, the insurer may refuse to compensate the customer in case of a disaster. While bad faith on the side of the insurer is correct, there also exists the policy holder who use fraud to get compensated illegally. For those who use fraud, beware there is a new technology in town.
Recently, one of the global leaders in data-driven efficiency announced the launching of a much-advanced data analytics tool that will help organizations to predict and plot future behavior of the customer to avoid potential risks. The insurance industry developed the new tech which offers the following.
Precision and honesty in insurance
With the new technology, insurers can provide accurate service to the honest customers while at the same time being on the lookout for potential fraudsters. The data used stems from past behaviors and experiences with the insured. In the case of detected fraud, a covered person becomes liable to a lawsuit if there is sufficient evidence.
Enhanced predictive algorithms to predict dishonesty
Another characteristic of the new tech is artificial intelligence. For any policy holder, artificial intelligence is not the best tool to hide something from your insurer. Artificial intelligence has access to all your data, hence making it easy for the insurer to track down all your activities and easily detect fraud or fabricated information and sue you.
Real-time data insights
In the world of insurance, a 24-hour span is a long time for anything to happen. The new technology allows insurers to analyze large data sets at a go and give insights in real-time about a client’s claims and the base of their grievances. Policy holders have no time to change details to match their claims. For more information, contact us.