LaGRANGE, Ga. (WRBL) – Acceptance Insurance coverage has developed a brand new software program to assist cease insurance coverage fraud. The Fraud Analytical System Tracker is a software program that helps Acceptance Insurance coverage brokers detect inconsistencies in claims equivalent to, a declare that’s positioned on the identical day a coverage was taken out.
Larry Ludwig, the Vice President of the Particular Investigations Unit for Acceptance Insurance coverage, mentioned the software program was developed to assist fight insurance coverage fraud with out rising buyer friction.
“This technique helps us authenticate coverage holders, it helps us confirm claims whereas stopping fraud on the forefront generally and even through the course of a declare,” mentioned Ludwig.
The FAST system works to establish abnormalities internally in all 17 states that Acceptance Insurance coverage operates in. Investigators and brokers are taught to look out for the abnormalities fraud claims current. The software program may flag particulars just like the proprietor of the automotive or if there are a number of drivers that haven’t been registered on the insurance coverage coverage.
Ludwig mentioned it was essential to the company to develop a software program to authenticate coverage claims with out rising buyer friction. It is very important Acceptance to establish false claims early on in order that they will keep away from the domino impact that finally prices the company and its policyholders cash.
In response to Ludwig, excessive charges of insurance coverage fraud may cause excessive premium charges. The typical family has a rise of $400-700 annually due to insurance coverage fraud. FAST finally helps preserve low premium charges for shoppers by stopping fraud early on.
“We’re all the time on the lookout for methods and programs and the FAST system is comparatively new however it is extremely efficient for us in our enterprise,” mentioned Ludwig.