Introduction
Insurance fraud has become a colossal challenge plaguing the insurance industry. According to the Coalition Against Insurance Fraud, roughly $45 billion dollars in losses happen annually in the property and casualty sector. Combatting insurance scams demands cutting-edge technologies and advanced data analysis techniques. Enter License Plate Recognition (LPR) data—a game-changer in the battle against insurance fraud. We will dive into the extraordinary capabilities of Digital Recognition Network’s (DRN) LPR data, empowering insurers to easily detect and prevent three prevalent types of insurance fraud: Garaging Fraud, Pre-existing Damage Fraud and Unauthorized Commercial Vehicle Use Fraud.
Garaging Fraud
Unmasking the truth behind garaging fraud has never been easier with DRN’s Garage Aware. Insurers can now verify the primary vehicle location by leveraging the power of LPR technology. By cross-referencing reported and detected vehicle locations, insurers can pinpoint any material misrepresentation made by policyholders to obtain lower premiums. Our LPR cameras capture and record license plates, providing irrefutable evidence to expose those who falsely claim lower-risk areas. Uncover potential garaging fraud before an auto insurance policy is even signed by submitting customer-supplied underwriting information to us for validation. With this newfound ability, insurers can proactively detect garaging fraud, safeguarding their integrity and ensuring fair premiums for all.
Pre-existing Damage Fraud
Detecting pre-existing damage fraud is now a force to be reckoned with, thanks to DRN’s Picture Proof. By delving into historical LPR data, insurers gain unprecedented insights into a vehicle’s past. The analysis reveals whether the same vehicle has had prior damage or incidents. By comparing this data with a policyholder’s claims history, insurers can identify inconsistencies or potential instances of pre-existing damage fraud. Our data acts as an impeccable detective, unraveling the truth behind fraudulent claims and protecting insurers from unwarranted losses.
Unauthorized Commercial Vehicle Use Fraud
Unleash the power of DRN’s LPR data to expose the hidden world of unauthorized commercial vehicle use fraud. No need to wait for a claim: use Picture Proof as part of the underwriting and renewal process for insurance fraud detection and prove commercial use before a claim is ever filed. Policyholders attempting to deceive insurers by misrepresenting their vehicle’s usage for lower premiums will find their deception unraveled. DRN’s LPR data enables insurers to locate vehicle movement patterns and seamlessly cross-reference them with policy details. Inconsistencies are laid bare, and potential cases of unauthorized commercial vehicle use are brought to light. Insurers can now take swift and decisive actions, protecting themselves and ensuring fair premiums for honest policyholders.
DRN’s LPR Data: A Game-Changing Advantage
Our vast database of billions of license plate scans gives insurers an array of compelling advantages in their relentless pursuit of insurance fraud prevention.
Unparalleled Coverage: With an extensive network of LPR cameras, DRN captures 220 million monthly scans from diverse locations, empowering insurers with comprehensive coverage for robust analysis.
Real-time Alerts: DRN’s LPR data provides insurers with real-time alerts, offering immediate notifications of suspicious activities and discrepancies related to fraud, leaving fraudsters with no place to hide.
Seamless Data Integration: DRN’s data effortlessly integrates with National Insurance Crime Bureau’s and Verisk’s existing insurance systems and fraud detection platforms, providing insurers with a panoramic view of potential fraudulent activities.
Conclusion
DRN’s LPR data revolutionizes the fight against insurance fraud, equipping insurers with an arsenal of unparalleled capabilities. The power to expose garaging fraud, pre-existing damage fraud, and unauthorized commercial vehicle use fraud rests in the hands of insurers leveraging DRN’s data driven analytics. With comprehensive coverage, real-time alerts. Want to learn how you can combat insurance fraud? Get in touch with our sales team here.
