As an insurance agency, it’s important that you protect yourself and your clients against fraudulent claims. There are many ways fraudulent claims can pop up; you may have an individual who submits a fraudulent claim, a hospital that submits a fraudulent treatment, or an individual who’s pretending to be someone else to claim certain benefits. It’s important that you protect your agency from fraud. Here are a few ways Tracers can help.
Research Flagged Claims Within Seconds
There are certain claims that may be more rife for fraud. For example, a claim that deals in thousands of dollars is probably more worth your agency’s time for investigation than one that’s only for a few hundred dollars. Once you’ve flagged certain claims, you then need to research them, which is exactly what Tracers is great for.
With just a few clicks, you can research flagged claims more thoroughly, either clearing them from your worries or deciding to look further into the claim. Whether you’re setting up a system for flagging claims or you’re researching flagged claims you’ve already discovered, Tracers offers you plenty of options.
Access Information in Your Preferred Manner
There are many ways in which you might want to access information about people. That’s because different methods of information access work best for different companies. You might want to utilize one of these methods of accessing information:
- Batch Processing
- Individual Searches
- Searching Through Partners
Depending on your individual needs, you could need one or more of these options in your insurance agency. Whether you need information in batches because you run hundreds of searches per day or you need API so you can search from your own framework, Tracers allows you to search in the way that works best for your needs.
Uncover Evidence of Connections and Identity
Uncovering connections is an important part of understanding claims. For example, if someone has familial ties to a company that’s filing a number of insurance claims on their behalf, you may be right to be suspicious of some of these claims. That’s why you need to get information about relationships when you’re looking through flagged claims.
It’s important for you to have this information when you start to sort through claims so you can determine whether those claims are genuine or not. Familial connections can help you uncover false claims, verify individuals’ identities, and generally run your agency more effectively.
Cross-Reference Information From Other Industries
Cross-referencing information is one of the most important things you can do when you’re looking into potential insurance fraud, whether it comes from putting in untruthful claims or from full-fledged identity fraud. You need to get information from other industries. That’s why Tracers covers a wide variety of industry information, including information from these industries:
- Financial Services
- Law Enforcement
- Licensed Investigators
When you’re looking for additional information on an individual, you might need to look into unexpected locations. That includes information from industries that you might not think of at first. With a full profile on an individual from Tracers, you can gain access to all the information you need to make a decision.
Prevent Fraud Before It Happens
When you’re trying to avoid insurance fraud, the best option you have available is to stop it at the source. That means you have to prevent fraud before it happens, which often means performing background checks and verifying identities from the beginning.
Mitigating corporate risk for your insurance agency shouldn’t be about chasing down fraud after it happens. You should commit at least some of your company’s time and energy to setting up a system that can help you verify claims more easily. Tracers gives you the tools you need to do that.
"We have been a Tracers client for over a decade and have grown our business with them. We are now utilizing their XML component and adding on more products and services. Our success continues."
What Types of Data Can Tracers Provide Insurance Agencies?
An important thing to pay attention to is the types of data you can get when you go through investigations. Tracers offers many types of data you can utilize for your investigations, including:
- Motor Vehicle Data
- Address History
- Telephone and Cellphone History
- Relatives, Neighbors and Roommates
- Business Relationships
- Bankruptcy and Judgment Records
- Criminal History
With all this information, it’s easier to uncover fraud and avoid fraud happening in the future. Tracers pulls information from over 43 billion records, sourced from over 6,000 locations. That means you can rely on the information Tracers provides every time you look into another case. When you’re looking for a way to maximize your insurance agency’s efficacy, you should use Tracers data.