COVID-19 PANDEMIC AND AUTO INSURANCE FRAUDS
In some way, the global pandemic has hit absolutely all of us. Because of the prolonged lockdowns and considerable economic disruption, some people’s life savings are being depleted, their income has gone down or even stopped altogether.
It is causing some policyholders and vehicle owners to engage in auto insurance fraud scams to get payments from insurance companies and supplement their income. Insurers must beware fraud but will need to deal with genuine claims quickly and sensitively at the same time.
THE DISTURBING TREND AND IT’S PREVENTION
For instance, in the Russian Federation alone, the number of domestic auto insurance fraud cases increased by about 40% over the cause of the pandemic. It is especially evident in the southern regions of Russia. Sadly, some other countries keep following the same disturbing trend. But how insurers can swiftly identify and exclude car fraudsters from their portfolio a cost-effective way?
To answer this essential question and offer a ready-to-use solution, Teltonika Telematics in a partnership with UBI Technologies has recently conducted the Insurance Telematics webinar, where we went in more depth about tendencies of the insurance telematics market and potential client types, demonstration of the web-based platform, and presentation of Teltonika GPS tracker for insurance telematics.
Thanks to their developed the First Notice of Loss (FNOL) feature, a fraud risk mitigation is unquestionable - every car accident detail is being accounted, registered and monitored helping to identify anomalies indicative of fraud, so it is virtually impossible to file fraudulent claims. Also, it assures efficient claim management in just a matter of minutes and a customer care excellency with established proactive communication.
The online session discussion has spiked a genuine interest among attendees and our business partners, showing this topic relevance and demand for a solution in the markets.
UBI Technologies develops comprehensive telematics-based solutions for insurance companies including drivers’ scoring, risk, claims, customer, fleet, asset, IoT and data management, big data analytics and integration, etc.
The company successfully runs a business in this market segment 17 years now and it’s got very impressive nearly a half of million insured events and accidents, all marked and classified database. To learn more or discuss a mutually beneficial partnership, please contact UBI Technologies by email email@example.com at your convenience.
Moreover, to assist our long-term business partners and clients to tackle this matter of great concern even further, we have created and posted Tracker For Insurance Telematics Industry use case on our website utilising all-in-one insurance industry dedicated GPS tracker Teltonika FMT100. This compact, robust and easy to install GPS device has been designed, developed, manufactured and rigorously tested with an insurance industry specifics in mind making this model particularly practical and attractive for insurance companies.