LaGRANGE, Ga. (WRBL) – Acceptance Insurance has developed a new software to help stop insurance fraud. The Fraud Analytical System Tracker is a software that helps Acceptance Insurance agents detect inconsistencies in claims such as, a claim that is placed on the same day a policy was taken out.
Larry Ludwig, the Vice President of the Special Investigations Unit for Acceptance Insurance, said the software was developed to help combat insurance fraud without increasing customer friction.
“This system helps us authenticate policy holders, it helps us verify claims while stopping fraud at the forefront sometimes or even during the course of a claim,” said Ludwig.
The FAST system works to identify abnormalities internally in all 13 states that Acceptance Insurance operates in. Investigators and agents are taught to look out for the abnormalities fraud claims present. The software can also flag details like the owner of the car or if there are multiple drivers that have not been registered on the insurance policy.
Ludwig said it was important to the corporation to develop a software to authenticate policy claims without increasing customer friction. It is important to Acceptance to identify false claims early on so that they can avoid the domino effect that ultimately costs the corporation and its policyholders money.
According to Ludwig, high rates of insurance fraud can cause high premium rates. The average household has an increase of $400-700 each year because of insurance fraud. FAST ultimately helps keep low premium rates for consumers by stopping fraud early on.
“We’re always looking for ways and systems and the FAST system is relatively new but it is very effective for us in our business,” said Ludwig.