{"id":1282,"date":"2019-07-01T18:20:00","date_gmt":"2019-07-01T18:20:00","guid":{"rendered":"https:\/\/tst418075918.wordpress.com\/?p=35"},"modified":"2022-10-05T12:36:43","modified_gmt":"2022-10-05T12:36:43","slug":"auto-insurance-preexisting-damage-claims-case-example","status":"publish","type":"post","link":"https:\/\/test.veracityid.com\/new\/auto-insurance-preexisting-damage-claims-case-example\/","title":{"rendered":"Auto Insurance Preexisting Damage Claims Case Example"},"content":{"rendered":"<div dir=\"ltr\"><b>The Problem<\/b><br \/>Preexisting damage fraud &#8211; where new auto policy holders submit claims for damage incurred before the policy effective date &#8211; has long been one of the largest fraud problems in auto. But lacking cost effective tools, carriers typically treat the losses from fraudulent early claims as a fixed &#8220;cost of doing business&#8221;. Until VeracityID teamed up with a top US insurer\u00a0 to attack the problem.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\"><b>The solution<\/b><br \/>Using <b>idFusion <\/b>&#8211; our highly available real time fusion of a carrier&#8217;s quote, policy, billing, claims and third party data &#8211; and <b>idAnalyze <\/b>&#8211; our query tool, the carrier was able to identify and estimate the loss impact of preexisting damage claims. The numbers shocked them.\u00a0<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">Armed with this new insight, they implemented a new business rule requiring all new customer applications capture vehicle images using VeracityID&#8217;s highly automated image capture tool &#8211; <b>idMobile<\/b>. idMobile manages\u00a0 workflow, image relevance (is it the vehicle?) and image quality (can we clearly see the vehicle?) automatically, making it a cost effective solution to fight preexisting damage claims.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\"><b>The Result<\/b><br \/>When implemented,\u00a0the carrier immediately experienced an\u00a0<b>almost 90% reduction in\u00a0<span style=\"font-weight:400;\">preexisting damage claims\u00a0<\/span><\/b>with dollar savings in the online direct channel in excess of\u00a0<b>30 points of loss ratio<\/b>. And while there was a modest reduction in new policy yields, the bottom line benefits were over ten times larger than any lost margin.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">What&#8217;s more we found that\u00a0 a motivated carrier could complete the entire implementation process from configuration to piloting and roll-out in as little as 3 months with only limited carrier integration required.\u00a0<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">And given the size of the opportunity, it won&#8217;t be hard to find the motivation.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The ProblemPreexisting damage fraud &#8211; where new auto policy holders submit claims for damage incurred before the policy effective date &#8211; has [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-1282","post","type-post","status-publish","format-standard","hentry","category-blog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Auto Insurance Preexisting Damage Claims Case Example - VeracityID<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/test.veracityid.com\/new\/auto-insurance-preexisting-damage-claims-case-example\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Auto Insurance Preexisting Damage Claims Case Example - VeracityID\" \/>\n<meta property=\"og:description\" content=\"The ProblemPreexisting damage fraud &#8211; where new auto policy holders submit claims for damage incurred before the policy effective date &#8211; has [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/test.veracityid.com\/new\/auto-insurance-preexisting-damage-claims-case-example\/\" \/>\n<meta property=\"og:site_name\" content=\"VeracityID\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-01T18:20:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-05T12:36:43+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/test.veracityid.com\/new\/auto-insurance-preexisting-damage-claims-case-example\/\",\"url\":\"https:\/\/test.veracityid.com\/new\/auto-insurance-preexisting-damage-claims-case-example\/\",\"name\":\"Auto Insurance Preexisting Damage Claims Case Example - VeracityID\",\"isPartOf\":{\"@id\":\"https:\/\/test.veracityid.com\/new\/#website\"},\"datePublished\":\"2019-07-01T18:20:00+00:00\",\"dateModified\":\"2022-10-05T12:36:43+00:00\",\"author\":{\"@id\":\"https:\/\/test.veracityid.com\/new\/#\/schema\/person\/0d214ad9dd827724c3e8f895052d644c\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/test.veracityid.com\/new\/auto-insurance-preexisting-damage-claims-case-example\/\"]}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/test.veracityid.com\/new\/#website\",\"url\":\"https:\/\/test.veracityid.com\/new\/\",\"name\":\"VeracityID\",\"description\":\"Automated Risk Selection and CX Solutions designed to benefit your bottom line today.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/test.veracityid.com\/new\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/test.veracityid.com\/new\/#\/schema\/person\/0d214ad9dd827724c3e8f895052d644c\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/test.veracityid.com\/new\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f938dea3515e09ba0408e26ace2aa58e6e2f0d74759e896ee212ff28af5bd6b1?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f938dea3515e09ba0408e26ace2aa58e6e2f0d74759e896ee212ff28af5bd6b1?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"sameAs\":[\"https:\/\/veracityid.com\/new\"],\"url\":\"https:\/\/test.veracityid.com\/new\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Auto Insurance Preexisting Damage Claims Case Example - VeracityID","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/test.veracityid.com\/new\/auto-insurance-preexisting-damage-claims-case-example\/","og_locale":"en_US","og_type":"article","og_title":"Auto Insurance Preexisting Damage Claims Case Example - VeracityID","og_description":"The ProblemPreexisting damage fraud &#8211; 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