Fewer fraud, non-disclosure & claims rescissions with thinktum’s solutions

The thinktum circle has three electrified lines emanating from it along with Fewer fraud, non-disclosure, and claims rescissions and the thinktum logo.
Blog | thinktum-editor | June 12, 2023

The insurance industry is all about risk. Fraud and non-disclosure must be identified, targeted, and eradicated. thinktum’s liz suite mitigates negative behavior for more accurate reporting.

liz – our fraud stopper 

Fraud and non-disclosures namely happen when people think they can get away with nefarious behavior. But that’s not the only reason people get into trouble during the user journey. More often, people can become confused by long questions and complicated medical terminology used in traditional insurance applications.

Here’s the thing: people fudge the truth for a hundred different reasons, but if a truly targeted user experience is delivered, there is no way the system will simply let those through. liz will continue to ask questions, zeroing in on the truth, until it’s undeniable with a yes or no question. Then confirms it against the third-party data sources. liz removes fraudulent wiggle room! Learn more about liz on its own LinkedIn Showcase Page.

Our goal is to provide a secure environment that our partners can trust is going to protect them. Fraud can only happen in an environment without guardrails, and ours are doozies.

Learn more about those guardrails with How thinktum’s technology can make insurance more accurate and trustworthy.

Reducing or eliminating claims rescissions

What could be worse than paying your policy premiums for years, only to be denied when putting a claim through? Claim denials usually occur if the insurer discovers evidence that a policy should not have been approved as applied for – either because of an error, or deliberate misrepresentation.

Denying a claim can be tricky since it must be fought out in court. The plaintiff (or insurer) in a suit such as this has to decide whether to pay out a fraudulent claim – either way, the insurer or the insured will get the short end of the stick. And claim denials are bad for business as they make for hefty reputational risks. If misrepresentation or fraud is minimized, however, those reputational risks are much less of a threat, while making policyholders happier. Drastically cutting down on fraud makes the organization more profitable.

Learn how, specifically in How insurance carriers are modernizing their technology to meet KPI goals.