As the battle against insurance fraud rages on, insurance law firm BLM believes it may have a vital new weapon to help win the war.
The firm is introducing what it describes as a “game-changing” tool, known as Fraud Edge. It gives greater levels of insight on fraudulent activity to help the user form their claim investigation strategy.
Among its key features, is an “Innovations” offering, which offers the full spectrum of previous claims and fraud data. This helps avoid oversights – for example, if a suspected fraudster had previously been involved in a questionable motor claim, this may not have otherwise been picked up on a holiday sickness claim. In addition, it offers an analysis of the track record of the claimant firm and medical practice involved.
Ben FitzHugh, director of intelligence at BLM, anticipates that this new level of insight will reduce costs for insurers and insureds.
“Fraud Edge has been designed to help clients with their strategic approach to fraud claims management by giving them the information they need to make the most informed decisions possible when it comes to a suspected fraudulent claim,” he said. “It provides significant and new levels of insight on previous claims outcomes, ranging from detailed reports on every company a claimant law firm has instructed, down to the suspected ‘phantom passengers’ in motor claims.
“We believe this is a major step forward for the industry in tackling fraudulent claims, which will ultimately benefit both insurers and genuine claimants alike.”
