We see fraud on a daily basis, and you probably wouldn’t be reading this if you didn’t too. So while we can all agree fraud is costing your business, the question is exactly “How much are you losing?”. Let’s use our example company, ACME Insure Corp, to find out.
ACME Corp receives 100 claims per month from their customers. Using a recent US average of $3,247 per claim we can see that ACME Corp therefore needs to pay-out $324 700 per month. Should all of these claims be genuine, then this would simply be a cost of running an insurance business, however we know from industry reports that 15% of these claims contain inflated reports of damages and total costs (“buildup”). This equates to $48,705 in monthly payments to fraudsters by ACME Corp without anyone being aware. Simply because they are using outdated systems.
A quickfire way for any business like ACME Corp to cut out cases of buildup fraud from their claims, would be to use Insurance Tech solutions like DriveX.
By implementing a guiding solution into their existing process, ACME Corp can immediately safeguard inflated and even bogus claims being submitted on a daily basis. By utilising AI software and real-time image analysis, DriveX can prevent inflated claim fraud up to 95%, saving ACME Corp $46 270 per month in inflated claims. That’s over $500,000 per year in fraudulent payouts saved with one simple solution.
Contact DriveX for a free demo to find out how you can step into the future of insurance solutions and start saving your business hundreds of thousands (if not more!).