Insurance fraudsters identified as Flatliners
Absolute Fraud Management, which specialises in fraud prevention, has launched Flatline, a new product aimed at the insurance sector.
The company introduced psychology based methods into fighting fraud in the insurance industry in 2001 and its Flatline solution works by examining multiple layers of information using forensic, linguistic, behavioural and cognitive indicators.
It also incorporates data on established and emerging fraud trends.
The technology means that those being less than honest with their insurance companies will present as a “Flatliners” because they do not demonstrate the natural peaks and troughs associated with memory recall of a traumatic event.
Absolute estimates that the system can provide minimum saving on claims spend of 475%. It can also identify honesty rapidly, allowing insurers to fast tracking genuine claimants.
According to the Association of British Insurers, fraud costs the UK insurance industry around £1.6 billion a year.
Category: Companies News, Insurance News
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