Insurers' ability to spot fraud promptly is a major challenge. The range of tools and data sets needed to perform any kind of accurate valuation is unsustainable and time-consuming, and all of these factors can negatively impact the customer's experience.
Fraudulent vehicle insurance claims are at an all-time high, not just in the UK, but globally. Vehicle insurance fraud ranges from misleading information to staging accidents, injuries, and theft. It appears the lockdowns may have given criminals more time to develop their fraudulent vehicle insurance claims, as legitimate claims decreased during the lockdowns, fraudulent claims increased by 50%.
Insurers must have an effective and efficient investigation process against fraud. However, this is not an easy task, as many insurers still use archaic methods to search through various databases. As a result, this is time-consuming and incredibly costly making their attempts to stop fraud completely counterproductive.
Understanding which tools can support a more efficient and streamlined claims process will be helpful. But finding one digital partner that can answer the fair and fast claims goal while maintaining and earning customer trust has proven difficult. But not impossible as demonstrated by Cazoo Data Services.
Changing the process of claims investigation can be successful when it's well-designed. Cazoo Data Services' Companion assists many leading insurance companies specialised teams as well as being used in cases escalated to the Financial Ombudsman.
The Companion tool helps insurers make the most of their claims handling. Our free ebook explains how having access to real-time factual data and insights can provide a clear understanding of the market making spotting fraud easier and also pricing those legitimate claims fairly.
Our data helps insurers validate the information and offer fair vehicle values.
To learn more about how we can support your car insurance business contact the team today.