How can Credas help tackle Fraud in Insurance?

One of the most difficult problems for insurers is the inability to accurately detect fraudulent cases and policies.

Fraud in insurance is usually intended to be subtle or well hidden and so can often go unnoticed, but this can end up costing a great deal for the provider.

Fraudulent claims account for a significant portion of all claims received by insurers, and cost billions of pounds annually. For this reason, it is vital that insurance companies check that all ID documents are genuine and belong to the holder.

Yet many businesses are still using manual paper-based processes for these checks, which can cause lengthy delays and requires a significant amount of labour time.

Credas’ technology helps protect against false insurance claims by verifying the identity of applicants who might not be who they say they are.

The downloadable app allows your claimants to verify identification in their own time, using their own devices. There’s no paperwork involved and the process takes just minutes to complete, meaning you can save time and money.

Credas has been developed using next generation facial recognition software, enabling you to verify the ID in real-time, and confirm that the ID matches the actual person—allowing you to comply with regulatory checks and ensure that you are protected against identity fraud with ease.

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