Last month I attended the Internal Fraud Management Conference in Orlando, and had the chance to talk with insurance fraud investigators and others involved in insurance claims and other investigations. This was the first in-person conference since COVID-19, so everyone who was there was clearly ready to learn, network and share stories from the last two years.
Our DRN team talked with pros from across the insurance industry about the continued challenges presented by the pandemic. One trend I found interesting is the rise in stolen vehicles along with a low number of alerts and high conversion rate. One theory focuses on an increased amount of organized crime centered on used cars. With supply chain shortages and delays causing a shortage of new cars, used car values have skyrocketed. Thieves can profit more than ever from stealing used cars and are adept at removing plates and sending cars off to chop shops or even overseas. Some think this is what’s driving the number of live alerts down – plates on hot lists aren’t being spotted. However, it also means that the LPR data we’re collecting is even more timely and accurate and leading to a higher conversion rate – a silver lining in a larger economic issue.
In addition to increased stolen vehicles, carriers also are dealing with labor shortages and increased costs of doing business. Across the board, we heard that investigators and carriers are needing to do more with less. We think DRN can help.
We find that most investigators use DRN to verify garaging misrepresentation and pre-existing vehicle damage. We believe our extensive LPR database and analytics can help far beyond these types of fraud – from validating alibis, aiding in collusion, aron investigations to proving/disproving workers compensation and bodily injury claims. Insurers and investigators should be taking full advantage of DRN’s tools and capabilities to help throughout the insurance cycle – from underwriting rating verification to fraud investigations. And this may be more important now than ever, since agents and investigators are strapped for labor and facing reduced budgets.
We’re ready to help create efficiencies and solve investigations – in fact, we’re launching an enhanced DRNsights for Insurance platform with new investigative solutions on April 19th. If you’re ready to learn more or see a demo, please contact us here.