New fraud product from Validus could save insurers millions
Validus-IVC has launched a new fraud investigation product following a two-year trial period with 21 insurer clients.
According to the Norwich based insurance services firm, the anti-fraud software, AskLudo, has successfully identified and investigated up to £2m of credit hire savings from almost 250 separate cases.
The system works by cross checking the claims data submitted by the insurer against all claims in the database every 24 hours in order to identify overlapping hires, phantom hires, exaggerated or inflated hire, and recovery or storage claims.
When a match is spotted the insurer receives an alert
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