Wouldn't you like to know whether a claim is true and accurate on the front end of the claims process? Claims fraud is an epidemic these days and determining the veracity of a claim early in the process is imperative. Veremetrix has a claim fraud detection solution, developed by Nemesysco Ltd, in Israel, that analyzes incoming or outgoing claims calls and quickly and accurately detects fraud up front in real time. The solution is called RA7 and was introduced in the United States in June of 2011. No matter what type insurance claim, the RA7 solution will help determine the veracity of a claim, enabling the company to achieve accurate and fair payments and settlements.

Currently, the industry employs a reactive approach to claim fraud detection. RA7 is a proactive solution that makes determining the accuracy of a claim much more cost effective and provides the honest policyholder fast track payment of their claim in their time of need. It catches, upfront, smaller claim fraud cases that would have otherwise been paid out due to the high cost of investigating them. These claims add up to hundreds of millions of dollars.

Currently, other technologies used to help fight fraud cost an insurer a great deal of time and money, implementation is very time consuming, and the rate of fraud detection is still very low. RA7 doesn't actually cost an insurer because it “saves” them tens of millions to hundreds of millions of dollars that they otherwise would have paid out, thus, making the RA7 solution virtually free.