Insurance fraudsters left exposed by Truepic Vision’s image verification technology

The insurance industry of the future prides itself on the ability to streamline customer on-boarding and settle claims at speed with minimal delay, providing customers with the kind of experience they expect at a time when it is most needed. Indeed, it’s what will distinguish the best from the rest and wins insurers long-term loyalty.

But what happens when the fraudsters step into the picture, intent on profiting from bogus claims — something that is happening more and more in our technology-driven world?

In the fast-paced environment in which insurance companies now operate, the traditional system of carrying out manual inspections when a claim is initiated is rapidly becoming obsolete. It just doesn’t cut it anymore. Why? Because it is expensive, time-consuming and goes against the whole ethos of delivering a positive customer experience.

Automation has become the way forward, with customers submitting images electronically to back up a policy or claim. It’s low touch — even ‘touch-less’ — and, at first sight, the best means of reaching a settlement quickly, economically and to the client’s satisfaction. A win-win all round, you might say — unless the policy or claim is one of the increasingly fraudulent ones.

The dilemma facing the insurance industry is that the manipulation of images is getting ever easier, whether that involves editing metadata, falsifying a location or taking a picture of an old photo or on-screen image. The truth is that the photos that typically come from smartphones are not trustworthy, since they can be so easily manipulated. The prospect of settling what are potentially fraudulent or inflated claims, based on the submission of such uncontrolled images, is a real one — and it’s already happening.

How, then, can insurers separate out genuine images from the phony ones? How do they identify genuine claimants fast, so they can be paid quickly, thereby maintaining their trust and goodwill? And all this while detecting the actual fraudsters and shutting them out.

Virtual inspections are starting to stamp their presence on the industry as the solution of choice. Many believe they are the future. But there is a big downside. With traditional virtual inspections there is no guarantee that the photos submitted can be trusted. Those who want to can easily change the time and date on their devices, effortlessly altering the meta data, suggesting images were actually taken four days after the policy was underwritten, for example. If they want to manipulate their location, they can now download an app and it’s done. If they want to add some damage, or make it seem worse that it actually is, they can use one of countless available applications. If they want to crop something out that they don’t want you to see, no problem. And should they want to take a photo of when a purchase was new, they simply take ‘a photo of a photo’ of that item on a high-resolution screen. The options are endless and require little by way of knowledge or expertise with modern technology. Until recently, the odds have been stacked very much in their favor.

Truepic Vision’s virtual inspections detect fraud at the point of capture

But now the tide is turning and insurers are starting to fight back, with many turning to virtual inspection AND image verification platforms, such as Truepic Vision. Truepic employs an end-to-end virtual inspection platform that’s used at policy inception and first-notice-of-loss, with advanced forensic technology in the back-end to deliver the same level of trust as an in-person inspection, seamlessly pinpointing which images are genuine and which have been tampered with in pursuit of a fraud-based settlement.

What genuine customers get is an easy-to-use seamless experience, across all demographics.

Genuine customers can now perform an inspection by clicking a link — they shouldn’t have to register or log in to a website or application. They should simply be able to take the photos they need to process their policy or claim and get on with their day. What Truepic Vision does is to provide insurance companies with the trusted images they need; and give those insured the customer-centric experience they are seeking.

Message me on LinkedIn or visit truepic.com/insurance for more information.