Claims management software helps deal with fraudulent insurance claims
Released on: January 30, 2008, 5:21 am
Press Release Author: BeyondPR
Industry: Computers
Press Release Summary: One in 10 people would exaggerate an insurance claim if they believed they would not get caught.
Press Release Body: One in 10 people would exaggerate an insurance claim if they believed they would not get caught, and 7 per cent admit to committing fraud, reveals a report by a leading insurer. Following a survey of 2,000 UK adults, the insurer said that up to 10 per cent of all insurance claims are thought to be false, which represents a cost of over £1.6 billion a year. AquariumClaims, an innovative web-based case management software solution developed by Aquarium Software of Hale, Cheshire, is adept in handling all manner of claims swiftly and efficiently - providing an industry solution to the increased pressure face by insurance companies handling a surge in claims.
Insurers often face criticism for using non-disclosure as a scapegoat in order to avoid payouts, but they have also said consumers need to take their share of the blame. The research showed that 75 per cent of British adults believe that dishonesty is rife in today\'s society, and 46 per cent believe the UK has seen a significant shift in attitudes over the past decade. As much as 60 per cent of all insurance fraud is committed by those who are motivated by a belief that everyone else is at it.
More honesty from customers would mean less expensive insurance. But until that happens, fraud prevention must be an increasingly central part of all insurers\' business models. This puts insurance companies under increasing pressure to payout genuine claims quickly while also preventing fraud. A fast and efficient system will be required to deal with the dual problem, and this is where AquariumClaims will shine. The new and improved version of AquariumClaims claims management software makes the process simpler, smarter and speedier for claims companies. AquariumClaims is a state-of-the-art case management software solution specially designed for fast growth claims companies. Version 2.2 delivers even more benefits to the user, further speeding up the claims handling process.
"Make absolutely sure that you are honest about your insurance claims as it saves a lot of time, hassle and money for everyone concerned. Giving false information will make the policy invalid and you'll go without the help you need when facing unexpected circumstances," said Aquarium's product marketing director, Mark Colonnese.
He added: "The rising number of fraudulent claims from customers is causing increasing pressure on insurance companies. This is where AquariumClaims delivers. The new easy-to-use features in Version 2.2 make it an even better product, delivering greater simplicity and reliability to the claims handling process."
AquariumClaims is designed to be quick to set up and is available at a comparatively lower cost. It uses the latest web-based technology giving users a powerful solution at a cost that traditional software providers cannot match.
Aquarium has set up a "60 second" online test which allows claims companies to compare their current processes with state-of-the-art claims processing using AquariumClaims. The test is free and confidential, and the results are emailed back immediately to the user. Interested claims managers can take the AquariumClaims online test at www.aquariumclaims.com.
For further information contact Aquarium Software, free of charge, on 0800 781 7570 or visit www.aquariumclaims.com
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