What can we learn from the Triangle of fraud?

Cath Sandoval
Copywritter

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Finally, after this wonderful series of the Triangle of Fraud, we can make a brief summary and by analyzing the 3 sides of this triangle we find the following verdict:

Racionalization: although it is one of the most difficult to combat, it is necessary to build a relationship based on trust with customers. This is how they will know that there are honest people behind it who may also be affected.

Motivation: as we may well know, it is difficult to control a client’s personal circumstances. But as insurance experts, we can be more open and transparent about what effects fraud has on the insurance industry. 

As we said at the beginning, fraud also affects other policyholders, including the fraudster himself, let’s not forget. The more fraud occurs, the higher the prices of insurance policies will be. 

If educated in this way, potential fraudsters would not have that incentive!

Opportunity: Insurers have a real advantage in combating fraud. To eliminate that part of opportunity, simply close the doors through which fraud can be committed. 

We have two questions to ask ourselves: Are insurance agents trained to detect the warning signs in a claim? Do their systems encourage or facilitate the most common fraud?

Artificial Intelligence tools, in our LISA Claims product, simplify the collection and verification of evidence of claims and help policyholders to file their claim in a simple way, minimizing insurance fraud.

LISA Claims favors the reduction of operating costs, the reduction of settlement times and customer satisfaction at all times.

Thanks to technology, we have the opportunity and ability to regain control and stop fraudulent behavior, which benefits all parties involved.

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