Despite government interventions, COVID-19 has caused economic uncertainty for many organisations across the globe. Adding to the problem it has also been noted that the incidences of fraudulent claims has also increased. According to CIO.com, fraud accounts for 10% of all claim costs ordinarily but during these uncertain times, this has risen to 18% of claims having an element of fraud – almost double. It is therefore very important to try and detect fraudulent claims as early as possible. Using claims management software such as JCAD LACHS can assist with this.
JCAD LACHS ensures that all historic claims data are stored centrally which allows for claims to be easily scanned by common fields for example; name, address, NI Number, telephone number, incident date, claim location and car registration number. This will help to determine claim duplications as well as potential fraudulent activity, i.e. where a claimant has made multiple claims or a witness has been used at more than one claim.
Once the system has uncovered such records it is simple to then add Suspect Diary event to the claim which will add a diary reminder for investigation.
In the reports section there is also an ‘NFI Export’ report that will export claims information in the specific format as required by the National Fraud Initiative. Identifying fraud will save your organisation time and money. Get in touch today to see these key features and learn how they can help you detect fraud. Request a demo.