The loss adjuster has seen an uptick in false document fraud during lockdown. Yet insurers are generally as 80% or more of the data required for effective counter-fraud in unstructured and not accessed never mind analysed.
Picture making crucial business decisions using only 20% of the available data when you could – and should – be using and analysing 100%. It’s not just insurance companies in this position but perhaps it is only insurers who are largely persisting with 20% views and this limitation because that’s ‘just how things are’.
Insurers have less touch points to review than the mega-retailers who are mastering these techniques. The 20% of structured data surfaces to management in spreadsheets and accounting or reserving systems.
Unfortunately, the 80% that is unstructured can’t. And this includes goldmines of information hidden in emails, letters, reports, and freeform comments in known-format documents like claim notification forms (CNFs). Staff look at these documents ‘one at a time’ but only fragments of the whole ever reach the eyes of decision makers.
360Retrieve is an industrial-strength solution in use with some of the biggest names. It unlocks this data allowing insurers - and companies who monitor complex events - to join and analyse the 80% along with the 20%. It enables analysis for your business of everything going on ‘under the hood’.
The benefits for insurers include:
- Early identification of fraudulent and large loss claims
- Detailed evaluation of bodily injury and prognosis, significantly reducing under-reserving.
- Turn all MOJ documents into structured data, for both motor and casualty claims
- Data analytics that include analysis of patterns and trends, bodily injury and legal market profiling, supply chain performance.
360Retrieve delivers these outcomes by leveraging all your information so you can make the right decisions at the right time - throughout the claims life cycle. We can prove this with significantly improved key performance indicators within three months.
Everything to gain and nothing to lose and in this respect, it could be the machine we mentioned at the beginning for your business.
More information about 360Retrieve and how we can help you access all your data can be found here.
Crystal said that easier access to technology during the Covid-19 pandemic lockdown has contributed to this rise in fraud, in particular as increasing numbers of customers have turned to online shopping over the last six months due to Covid mitigation measures, such as social distancing and the closure of non-essential shops. However, Crystal told Insurance Times that the difference now is that “fraudsters are [taking] a digital approach. It’s the use of copiers, scanners, printers, software such as Photoshop. It’s technology coupled with people being at home with more time on their hands”.