As inflation soars and UK businesses and consumers feel the lasting impacts of the pandemic, the cost of living crisis is starting to bite. As a result, insurers are anticipating a rise in fraudulent claims. In fact, Aviva have said that the number of fraudulent claims was up last year with 11,000 cases worth £122m, as published by the Independent earlier this week (24 May 2022).
Home, small business and liability policies are those most likely to be subject to rising fraudulent claims, whilst organised fraudulent motor injury and repairs along with slips and trips claims are also expected to be on the rise.
All insurance companies need to be able to detect and defeat fraudulent claims to minimise cost to their business and to protect customer premiums. They need to be able to do this with precision and speed, without incurring the cost of additional resource. Our claims software solution, EvoClaim can do just this.
EvoClaim is an automated, straight-through claims solution from first notification of loss through to zero touch settlement. It empowers you to assess, triage and settle claims with ease, reducing the impact of claim costs, protecting premiums and preventing unnecessary or fraudulent pay-outs. EvoClaim uses data analytics to score claims for risk of fraud and automatically segments high risk claims for fraud investigation so that fraudulent claims can be easily identified and tackled quickly and easily.
Other features include:
- Policy tracking of all coverages, payments and reserves
- Real time MI and access to bespoke reports
- Instant upload and storage of photos, video evidence and statements
- A centralised repository for all claims documentation
- Data analysis by claim type
- Trend mapping to identify location hotspots, claimant, witness and related parties mapping
EvoClaim is cloud-based, secure, customisable and integrates with existing systems.