Fraud Prevention

What can we learn from the Triangle of fraud?

Finally, after this series of the Triangle of Fraud, we can summarize the keys of each vertex.

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

Motivation: as we know, it is difficult to control a client’s 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?

Using Artificial Intelligence, LISA Claims can simplify the collection and verification of evidence of claims and help policyholders file their claims 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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