Insurance fraud costs companies millions of dollars per year. Aktuaris can help insurance companies prevent such fraud through technology. Our telematics solutions can serve as a digital witness to understand and detect crashes, theft, and any other accidents that can generate a claim.
Instead of relying on generic personal information like age or gender, Aktuaris helps insurance companies to collect real-time and real-world data. Through the use of OBDII (a diagnostic port found in most vehicles, Aktuaris can monitor dangerous behaviors like rapid acceleration, excessive speeding, and hard braking together with more traditional information such as mileage to more accurately calculate risk. This offers not only usage analysis but also behavior analysis.
Fraud increases costs overall to any insurance company. When a driver lies on what he or she actually did, like how often or how far they drive, insurance underwriters can’t tell if they’re taking on a good or bad risk. As a result, all drivers have to pay a bit more to make up for the fraudulent customers. When it comes to claims, insurers are also dependent on customers to report claims. Statistically, only 60% of the claims are actually true. This fraudulent behavior forces the insurer to put the costs up.
With a proper telematics solution, insurers can save loads of money which will, in turn, drive the costs down for their customers. Aktuaris technology can drive this change. Having real-world data can help combat fraud through accurate detection, analysis and automation.