The Situation As it Is
Insurance industries face the highest amounts of fraud cases every year all around the globe. 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.). This causes serious harm to the lives of the people in the vicinity as well as those who were present during the unfortunate ordeal. 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.
Importance to the Insurance Companies
Situations like these exhibit the dire need for an interface between the insurance companies and the customers in order to verify their identities before processing their request. Shufti Pro is one such application that allows for 99% accurate identity verification through its highly advanced system based on Artificial Intelligence (AI) as well as Human Intelligence. This acts as an added layer of security that catches those few mistakes that might have missed the AI checks. Shufti Pro integrates with their client's business and verifies the customer for them. This type of system 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 integrated in the clients' systems. Also, even if an imposter tries to forge the documents and attempts to commit identity fraud, Shufti Pro will immediately catch the culprit by assessing the holographic overlays embedded inside the photo IDs. Furthermore, in case of life insurance fraud, this application will be able to detect the name and the face of the person who begins to live under a false identity; consequently catching the criminals and preventing a huge amount of financial and reputational loss to the insurance companies. Thus, 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.