The fraudsters always have a head start. They know the scams they want to pull off, and claims adjusters and investigators have the challenge of catching up. With Vehicle Location Reports, a new tool in Decision Net, it gets easier to erode their edge, prevent fraud, and protect your capital.
With Vehicle Location Reports, you get photos of a vehicle and its GPS coordinates at specific points in time. Let’s take a look at three ways you can use them to identify and stop insurance fraud, based on scenarios from our existing Decision Net customers:
1. Insurance rate evasion
A policyholder says his car is garaged in one state, yet it’s in another state every evening. Along the Massachusetts-New Hampshire border — as well as New York-New Jersey and many others — the insured may see this as a way to “save” thousands of dollars a year. Really, it’s insurance fraud, and you can stop it, thanks to the GPS coordinates and license plate photos in Vehicle Location Reports.
2. Preexisting damage to vehicles
Is a claimant trying to use an accident to get paid for existing vehicle damage? He may see it as an opportunity for “free” repairs. Of course, it comes at someone else’s expense (ultimately other policyholders). Use the partial vehicle photos in Vehicle Location Reports to look back in time and see what damage is actually relevant to a particular claim. Insurance should make a claimant whole, not give him a bonus.
3. Workers' compensation scams
The claimant says he hurt his back on the job and can’t go to work. His car, however, has made appearances at the gym and the golf course. How do you know? The license plate photos in Vehicle Location Report show it clearly. Someone else may have driven the car, but the photos certainly indicate the need for investigation.
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