Your Newest Defense in the Fight against Insurance FraudBy John Deegan | June 5, 2012
Mysterious hit-and-run accidents, phantom vehicles that cause damage, and questionable motor vehicle accident reports — all are part of fraudulent insurance claim schemes today. Savvy criminals create incidents and use them in reporting false claims. And that fuels the insurance industry’s ever-increasing fraud problem. Insurers see such claims at a small scale, with a single claimant and insured, or on a grander scale, with 20 or more individuals involved in an organized criminal ring.
Now there’s a new way to make the invisible visible while helping to spot vehicle-related fraud and shut it down. Verisk Insurance Solutions has teamed up with Digital Recognition Network (DRN), an industry pioneer in asset location technology and services, to introduce Vehicle Location Reports. The new reports are available through the ISO ClaimSearch® Decision Net® public records and investigations portal.
The Vehicle Location Report — a first-of-its-kind investigative tool — provides a history of a vehicle’s physical location based on public sightings. DRN stores the information for the reports and manages it with strict standards for privacy, compliance, and data integrity.
You can use Vehicle Location Reports to find persons of interest, such as witnesses, claimants, or other parties to a claim. The reports can also help you investigate suspicious auto claims, reveal preexisting vehicle damage, identify instances of possible rate evasion, and validate claimant statements and supporting information.
The stakes are high: Taming fraud translates to better risk mitigation and lower loss ratios.