Claims adjusters working on the job have something unique they can add to their toolkit: a way to root out potential fraud as it happens. Enservio, Inc. today introduced a new option for its flagship ContentsExpress™ contents management solution that equips claims professionals with a fraud detection capability that identifies and scores fraudulent claim items while claim items are being recorded and processed.
ContentsExpress, with this new fraud detection option, targets soft or opportunistic fraud for home contents claims relating exclusively to theft. The fraud detection technology is based on the Enservio product ContentsAnalyzer™, which compares and contrasts pricing data for signs of exaggerated or padded claim values that may point to opportunistic fraud. Carriers who deploy this solution have seen an increase in quality SIU referrals by up to 20%.
“This new option to run ContentsExpress with fraud detection arms adjusters with an additional weapon to combat opportunistic fraud on the front lines,” says Joseph Bracken, VP of product management. “This will streamline claim investigation by allowing claims pros to manage claims and triage fraud all in one system. If the value of a claimed item appears to be inflated or fabricated, the adjuster will know about it immediately, as will the SIU department.”
Enservio fraud detection technology compares the value of a line item with the average retail value and the replacement cost value of the same item with the same quality, brand and age. Alerts are generated when the system compares the claimed items against pricing norms, historical, geographic and demographic data, comparing and contrasting this data to identify anomalies.
For example, a $1200 snow blower claimed by an apartment dweller will raise a red flag. A handbag that retails for $75 and is claimed at $300 will generate an alert.
More information on ContentsExpress with real-time soft fraud detection can be found at: http://www.enservio.com/products-services/contentsexpress