The insurance industry suffers considerably from fraudulent claims, something that pushes our policy prices up. Whilst claims and the claims process accounts for some 80 per cent of insurers’ costs, according to ABI, fraud throughout the insurance sector is said to cost the industry £4m per day, or 5% of all premiums.
With UK insurance premium tax doubling to 12% over the last 12 months, insurance companies need to search far-and-wide for solutions that enable them to improve efficiency, whilst reducing costs. The more insurers can streamline their processes, removing unnecessary stages and expenses, the more chance they have to remain profitable in an increasingly challenging and competitive marketplace. The more these streamlined systems can implement and integrate with anti-fraud processes will equate to more confidence and trust from their customer-base and savings that can be passed-on to the consumer to leverage a competitive edge.
Insurance fraud can be drastically reduced using claimsplanet, an easy-to-use, yet remarkably fraud-proof claims management smartphone app. By assigning insurance claims to agents or claimants in any geographical location, time and geo-tagged images and videos of an item’s damaged areas are captured, reducing the likelihood of fraudulent images and videos, and therefore, fraudulent claims. The images can then be annotated and the claim signed by the agent or claimant before submission, further reducing the chances of fraud.
For more information on how your organisation can benefit from using claimsplanet app, click here to speak to a member of the team. To install claimsplanet app on your smartphone, visit the iTunes store or Google Play and search claimsplanet.