New weapon fights fraud and aggregator competition

New weapon fights fraud and aggregator competition | Insurance Business

New weapon fights fraud and aggregator competition

A piece of software that asks policyholders to add their photo to their insurance policy online has been developed by an online facial recognition technology company to reduce claims fraud.

The photo can be screened against a database and fraudulent multiple claims can be identified at the point of first contact. Policyholders can easily add their photos using a webcam on their laptop, tablet, ipad or mobile phone.

The software has been developed by Facebanx, a division of OhHi.
“Our product has been specifically designed for the insurance industry and provides a unique solution for insurers to share data to combat multiple claims fraud,” Facebanx CEO Matthew Silverstone said. “We are currently talking to a number of insurance companies about adding their software to their CRM.”

An independent review of the cost-benefits of the software estimated that it would save insurance companies $70 on every insurance policy sold in addition to the commission saved from a sale via an aggregator.

As the new technology is only available to insurance companies, Facebanx believes it will also give them an opportunity to win business back from the aggregators who have gained a growing market share in the sector in recent years.