“Crash for Cash” scams are back in the headlines and the Insurance Fraud Bureau (IFB) is warning drivers to be vigilant to dangerous ‘Crash for Cash’ scams.
The latest data from the IFB has revealed gangs are increasingly spreading out from their typical crime hotspots to stage collisions in unsuspecting areas. These scams involve innocent drivers being targeted by fraudsters - an example being a fraudster slamming their brakes on at junctions / roundabouts or encouraging other drivers to pull out of sides road.
So, how can 360Globalnet technology help Insurers fight these scams?
Research shows that 80% to 85% of data and information provided to - and held by - insurers, is in unstructured format. This means that it's not easily accessible by Insurers for search, interrogation, validation and and/or analysis - other than by manual and handler review. However, it's within this unstructured data that sit the clues that identify a fraudulent claim; insurers simple need a way of accessing it en masse.
360Globalnet's unstructured data technology - aptly called 360Retrieve - ingests all unstructured data turning and turns it all searchable and capable of analysis. additionally, it can join all internal, third party and Industry data sources together, delivering (retrieving) a universal view of 100% of your business’ data.
It then robotically reads all the documentation, enabling the automation of many of the manual processes and decisions used to identify “Crash for Cash” accidents. It then flags suspicious claims the relevant claims handlers for review.
So, don’t let these “Crash for Cash” accidents go undetected, letting the fraudsters stay one step ahead. Act now by accessing all 100% of your available data. Get in touch today to find out more.