Much of the excess personal auto losses that carriers incur involved manipulations after the policy is bound. One such ‘cheat’ is when a poor or young driver that was excluded from a policy is involved in an accident in a covered vehicle. When this happens, an unscrupulous policyholder will immediately add the driver to the policy and only submit the claim after the effective date. And because adding a driver is an underwriting responsibility and paying the claim is claims’ job, claims may never realize that there is a heightened risk of fraud.
idFusion helps carriers stop this type of loss by capturing all relevant policy and behavioral details across the policy lifecycle and then using AI tools to look for anomalies like dates that don’t match. Without requiring costly, time-consuming core system changes.
