Global data analytics and technology provider Verisk is expanding its anti-fraud claims solution with artificial intelligence that will enable insurers to identify potential fraud in claims photos with “lightning speed and laser precision.”
“Drawing on millions of claims images in Verisk’s databases, including the loss history database ClaimSearch, the image forensics solution analyzes every image submitted as part of a claim to detect indicators of fraud,” explains Verisk.
According to the firm, the solution automatically flags photos that have been altered, manipulated or downloaded from the internet. Using ClaimSearch, Verisk’s solution also identifies images that have been submitted to other insurers.
The image forensics solution will be featured in a webinar on June 21.
Verisk notes that reusing or altering photos is just one example of the growing trend of insurance fraud, which costs the U.S. approximately $308.6 billion annually.
The firm cites one of its studies in which a sample group of 768,000 claim images found 1,967 duplicates, including one photo used in 44 different claims.
These duplicate claim images could be linked to 1,475 separate claims for which approximately $5.3 million in indemnity payments were made, says Verisk.
Shane Riedman, vice president and general manager of anti-fraud analytics for Verisk Claims Solutions, said, “The ubiquity of mobile devices, photo editing software and claims filing applications is making it easier than ever to submit fraudulent images of damages to insurers.
“The image analytics and alerts we’re adding to ClaimSearch gives insurers the ability to quickly, automatically identify and investigate suspect claims, while simultaneously accelerating meritorious claim resolution for the vast majority of policyholders.”
Verisk suggests that insurers who contribute claims data to ClaimSearch — currently more than 95% of the industry – can submit claims photos and access certain image forensics checks with their current ClaimSearch subscription. To date, 315 insurers have signed up to contribute images, and nearly half of the top 20 P&C carriers are accessing the solution today.
