The Situation As it Is
Fraud prevention in insurance industries, which face the highest amounts of fraud cases every year all around the globe, is a direly needed element. The main reason behind committing these crimes is the financial benefits gained by the perpetrators. Huge losses are incurred by the insurance companies; be it health, automobiles, property, or even life insurance, no department is safe from the insurance frauds. Some frauds entail intentionally causing a loss (e.g. an accident to claim automobile insurance, burning down a building/house to claim insurance money, etc.). Others include knowingly using someone else’s health insurance so that the medical benefits go to the person who doesn’t deserve them; or describing an issue by exaggerating the actual, albeit true, situation, so that they receive more insurance money than they need. To deal with these scams, secure identity verification services must be put in place.
Importance to the Insurance Companies
With the best online fraud prevention tools, like Shufti Pro, performing KYC online verification on customers is the way to go. It allows for 99% accurate identity verification through Artificial Intelligence (AI) and Human Intelligence based system. Shufti Pro integrates with their client’s business website or mobile application and verifies their customers for them. This digital KYC verification service will be of immense importance to the insurance companies. If the insurance documents are faked or if the photos don’t match, it will immediately notify the client and their insurance claim will not be processed further. Moreover, if a customer attempts to commit soft frauds, they can be convicted after the insurance committee investigates their case; there is simply no escape for the suspects with Shufti Pro’s state of the art fraud protection services.
It is the best way to go if you, the client, require a reliable security mediator between the customers and yourself. Shufti Pro can help alleviate the risk of ID thefts and encourage the insurance industries to opt for a solution smarter than the hackers and money launderers.