According to Experian (Costa Mesa, Calif.), 20 percent to 30 percent of commercial losses are the result of fraud, and fraudulent claims have plagued the insurance industry for years. To combat the problem, the vendor has released Commercial Fraud Insight, which authenticates customer and claims information. "The solution validates all of the information for accuracy," says Carolyn Hardin-Levine, director of commercial fraud solutions at Experian.
Commercial Fraud Insight draws on multiple Experian databases to assess business information and consumer data, including addresses, phone numbers, tax IDs, Social Security numbers and previous claims information to identify the level of risk associated with claims, according to Hardin-Levine.
"Commercial Fraud Insight would help an agent identify when an insurance company was given false information on individual claims or claims of companies," she says.
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