A more accurate and reliable way to detect fraud

Insurance fraud is a widespread problem that has significant financial consequences for both consumers, businesses and the insurance industry. The FBI estimates that fraud costs the average family an additional $400 to $700 a year in premiums. The Coalition Against Insurance Fraud indicates that fraud costs businesses and consumers over $308.6 billion a year. To detect and prevent fraud, insurance companies often use technologies such as predictive modeling, link analysis, and artificial intelligence. iCognative™ technology offers a more definitive solution, it provides

insurance companies with valuable information about claimants’ involvement in fraud without intrusive questioning or invasive testing.

Identify fraudsters and put an end to the rising cost of insurance fraud

Effectively detect and deter fraudulent activity

Insurance fraud can be divided into two categories: hard fraud and soft fraud. Hard fraud occurs when a policyholder deliberately destroys property with the intent of collecting on the insurance policy. Soft fraud, which is more common, occurs when a policyholder exaggerates an otherwise legitimate claim or intentionally omits or lies about the information to obtain a lower premium. Soft fraud is often considered a crime of opportunity.

iCognative™ is a cutting-edge technology that has been proven to effectively detect and deter fraudulent activity by customers, agents, and even internal fraudsters.

By mandating iCognative™ tests in cases of suspected fraud, insurance companies can verify the authenticity of documentation and personal statements, effectively preventing scammers from obtaining undeserved financial gain.

iCognative™ can be used for:

  • false or inflated theft repair claim
  • false or inflated property damage
  • fake death claims
  • fake disability claims
  • fraudsters working while collecting workers’ compensation benefits