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Determining the Veracity of a Claim

It is imperative to accurately determine the veracity of each claim as quickly as possible. RA7 is one solution that enables insurers to do just that.

By Contributing Author | Updated on September 06, 2013

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.

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