UK Money News
27th May 2008
Insurance companies use technology to catch cheats
Insurance companies are looking at new and more sophisticated technology to help them detect fraudulent claims, a price comparison site has warned.
According to David Kuo, head of personal finance at Fool.co.uk, the increasing competition among insurers means that they have become "very prudent in terms of their finances".
This has meant that they are taking extra precautions to guard against fraudulent claims and using more and more advanced means to detect these, he added.
Mr Kuo explained: "Many of the claims these days are processed verbally; you submit a claim and then whoever’s on the other side will try and go through the claims form with you.
"But there is now voice recognition so they can tell just by talking to you whether or not you are telling the truth."
The Insurance Fraud Bureau reported that false insurance claims cost the industry over £1.5 billion per year and this added at least five per cent to the average insurance premium.
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