Steps Towards Preventing Insurance Fraud

Fraud Prevention Steps

In 2016, there were more than 1,800 fraudulent insurance claims which put strain on insurance fraud investigators’ already strenuous job. According to a report by the State of Insurance Fraud Technology, this figure increased exponentially from 2016 to 2018.

Unfortunately, it takes a long time for an insurance fraud to be proven in court, which is why there’s a saying;

“Insurance fraud is like a disease, and as with any disease prevention is better than cure.”

Here, we will highlight some steps insurance agents can take to prevent insurance fraud, not only against yourselves but against your clients as well.

Preventing Insurance Fraud

1.    Formulate A Fraud-Detection Framework & Strategy

The idea behind fraud-detection strategies should be to make a foundational framework out of it which can be implemented company-wide. It could either take the form of an automated software that uses institutional knowledge towards identifying which claims are real or not and manage workflow accordingly. It could also include a full social networking analysis of involved parties.

It’s up to human insurers or insurance fraud investigators to conduct relevant research accordingly, which might include;

  • Scoring engines
  • Third-party data
  • Criminal history, and other tools.

The three steps of insurance fraud investigation should always be followed; i.e., recognition, identification, and investigation of suspicious claims.

2.    Know the Likelihood of Insurance Fraud

If you have a limited budget, it is important to know when to dispatch fraud prevention agents and where to focus them. One way of doing that is by conducting area-specific research involving the suspicion and likelihood of fraud. Identify whether criminal or cultural fraud is more common in a certain area and take actions accordingly.

It is important to keep an eye on unclaimed insurance benefits, too, since that’s what identity thieves usually go after. Data analytics can help in this case. Use the ‘suspicion score’ to your advantage here.

By implementing an automated framework and combining it with data analytics, all that remains in terms of fraud prevention is making sure your insurance fraud investigators are on their toes.

3.    Reviewing Claims

Any insurance company, be it small or big, must always know which claims to target, at what time, and with what tools. Fortunately, this step can also be automated by implementing predictive modeling and advanced analytics into the mix of your framework.

Or you could continue working on it manually if you’re short on budget but have sufficient manpower.

As you review claims and continue to rescore claims, analyze and revise (if need be) the Suspicion Scores. This will help you prevent fraud by highlighting patterns that you would ordinarily miss.

4.    Adopting A Layered Approach & Revising

There’s a reason why you read the term “due diligence” over and over again when on the road to become an insurance agent. Due diligence must also be done when taking steps towards fraud prevention.

No one tool is enough to tackle the ever-changing world of insurance fraud, therefore different and ‘newer’ fraud-detection tools should be created and implemented into your framework from time to time.

This is known as adopting a layered approach – should a fraudster get past one layer, the other shall detect it, allowing you to take preventive measures. These tools must be reviewed and revised as new laws and guidance principles are implemented.

With all that said and done, one of the most important steps insurance companies can take to prevent fraud is be vigilant, be smart, and always be ready. Disaster doesn’t ask before striking, so you shouldn’t wait for it.

If you need any clarification or further help in regards to fraud prevention, we recommend you get in touch with us via call or email. We’re always eager to help!

Things to Consider When Choosing an Insurtech Technology

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The entry of insurance technology in the insurance value chain has come with a lot of benefits for all stakeholders involved. For insurance companies, embracing insurtech is the right way to satisfy the expectations of their clients. If you haven’t integrated digital tools in your business, here’s your time to do so. In this article, we’ll have a quick look at the things that you must consider when choosing  insurtech technology for your business.

Things to Consider When Choosing an Insurtech Technology

1. Human Capital

Implementing digital tools to grow your business seems like an easy task, but it, too, comes with a lot of challenges. Also, your employees who have the habit of doing things the traditional way will also have a hard time making use of digital tools. Keeping this in mind, it is crucial that you invest in human intellectual capital. This means that you should hire people who are tech wizards and who can help you implement the newly bought tools in a better manner.

2. AI

AI in insurance companies has been revolutionary and has made almost every step a lot more efficient. When you are choosing insurtech technology to grow your business and help people carry out their legacy planning in a better way, you should go with the tool that uses AI and machine learning to provide specialized functions.

3. Blockchains

The reason for your transition to digitization may relate to the cost of operating your business. The blockchain technology will help insurers handle payments securely. It also ensures that all of the information shared with the insurance company is fraud-protected and is easy to verify. The feature will also benefit reinsurers who wouldn’t have to go through lengthy processes to verify their insurance history, etc. The time and cost saved through the technology will help you get other things done.

4. Cybersecurity

When embracing technology, insurance companies should be mindful of the challenges that come with them. Since people will be sharing a lot of confidential information over the internet, it is the prime responsibility of the insurance companies to take steps to ensure data security.

5. Using the Mobile Channel

The number of mobile users has been increasing at a fast pace. Many people have stopped using desktop computers and now use their mobile phones to access the internet and other applications. When you consider using digital tools to grow your business, make sure that whatever platform you create is easily accessible through a mobile phone. This will help you reach more customers.

The Final Word

The importance of insurance companies cannot be denied. Given the volatile economic situation in the country, it is crucial that every person thinks about securing their assets. It is also the responsibility of insurance companies to offer premium functions and tools to clients that help them secure their assets in a better and effective way. The digital revolution means that companies should be paying attention to choosing insurtech technology to support their business growth. This article will help companies identify the factors that they have to look into when they are transitioning.

How Insurance Agents Can Integrate Digital and Offline Marketing

Insurance marketing

In the current digital age, having an online presence is crucial to all organizations. The advent of insurtech in the insurance industry has helped many organizations scale their operations and grow their customer base. Therefore, insurance digital marketing is a great way to take your business to the next level.

These days, people spend most of their time online. In fact, before they reach out to any business, they tend to read about it online. In this article, we take a look at how you, as an insurance agent, can combine the traditional methods of marketing with digital marketing to increase your revenue flow.

How to Combine Digital And Offline Marketing Strategies

For insurance companies, increasing sales revenue has always been a challenge. Not every sales strategy can lead you to the right customers. This is why it is important to exhaust all available options to maximize your sales.

1. Combine Social Media with Live Events

If used properly, social media can turn out to be a great marketing tool for your business. Its different features allow an organization to have a real-time connection with their clients or prospects. Combining social media with your live events is a powerful strategy that will help you build strong relations with your clients. For the optimum use of social media, here’s what you should do:

  • Create an event, a page, or a post on popular social networking sites, such as Facebook and Twitter and provide all the relevant details about the event. Don’t forget to include a link for event registration in the post.
  • During the event, encourage the participants to share their experiences on social media using a hashtag.
  • Once the event is over, share the event pictures on your social media profiles and tag the people who were present there. This is a simple but effective strategy to reach out to a large number of people.

2. Relationship Marketing

Spamming a client’s inbox with promotional messages will not get you any response. On the other hand, relationship marketing is a more effective method to build a connection with your clients. Using the information logged by your clients, you can send personalized messages such as holiday and birthday greetings to your clients. Loyal clients, with whom you have established a strong relationship, will not only be willing to work with you in the future, but they are also more likely to refer you to their friends and family. This way, you can increase your client base through your existing clients.

3. Digital Campaigns and Referrals

Many people hesitate while asking for referrals from their clients. To overcome this hesitation, the best way is to use digital tools to ask for referrals. Here’s how you can do it:

  • Create high-quality digital content and share it on your profile to reach out to your existing audience. Your audience is likely to share meaningful and valuable content that talks about financial planning, legacy planning, etc., shared by you.
  • This act of sharing is an endorsement, making your client’s family and friends reach out to you.

To reach out to more people, you can use the feature of social sharing for sales. For this, you must share a credible article from a reliable site. For example, if you are selling health insurance policies, you can share an article such as, ‘5 Best Foods for a Healthy Heart’. When your target clients click on your share, the article will appear on the left while on the right hand side of the page, your prospects will see the call-to-action or CTA. The CTA is designed to convince online visitors to reach out to you and learn more about your services.

The Final Word

By following the online and offline marketing tips mentioned above, you can reach out to more prospects and take your business to greater heights.  

3 Reasons Why Customers Should Buy Products from You!

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Insurance can be a complicated purchase. Clients are buying a promise of protection that could potentially make or break their financial well-being which can be stressful. How do they know that you’re the right choice as their agent? Are they getting the best value for their money? 

Here are three reasons you can tell your clients why they should buy from YOU, their trusted long term advisor!

Legacy Planning
Reason 1: You Are Their Personal Advisor

You take the time to listen to your client and understand their individual needs. They know it’s not just about finding a price they can afford; it’s also about making certain they are appropriately covered. You provide them with tools to ensure protection is for ALL of their assets, and  LegacyArmour is the premier protection tool.


Reason 2: You Are Their Advocate

If they have a billing or claim concern, or they need to change coverage, you can be their advocate, working with the insurance company on their behalf. With LegacyArmour, your brand & contact information is right in front of them and they can contact you easily using the  Contact Advisor  Button.


Reason 3: You are their one-stop consultant for a lifetime

With your diversified portfolio, you meet all of your clients’ insurance needs with the companies you represent, providing auto, home, renter’s, life and health insurance as well. Now you can offer LegacyArmour  with additional benefits such as access to your own insurance widget, protection of their financial accounts, an emergency health card, and access to estate planning templates!


Get LegacyArmour for your clients today! Give them the gift of added peace of mind and let us do the rest! Our service ensures that if something happens, we are responsive, and their loved ones will have access to everything they chose to protect.

You are compelling, distinguished from all competition, and most of all, you care! Find more about us here,  or connect with our partner for more information!

Why Encryption Makes a Difference

Encryption

The internet is almost infinite and is full of private information. This makes your information available to you quickly, but it can also make it easy for others to access. This is why it is important for your information to be kept safe through encryption.

What Is Encryption?

Encryption takes data and puts it into a code. This makes it so that anytime you send out information, only the authorized individual receiving it will be able to see it the way that you sent it. This allows only certain individuals to access the information. Even if someone else does find a way to access the information, they won’t be able to understand any of it.

Encryption You May Recognize

Many of us used a simple form of encryption during our childhood and didn’t even realize it. Did you ever pass notes to your friends in class with symbols that represented words? If you did, this is a form of encryption. Maybe you even created a secret code using numbers and the alphabet. Even as children, we were finding ways to keep our information safe.

Why Is Encryption Important?

It is always important to protect your personal information, even if you feel that it is already secure. If someone steals your information, it would be easy for them to steal your identity or do other damage. For example, if your data isn’t protected, someone could easily gain access to your address and bank information. And once they have this information, it doesn’t take long for them to do damage. Having money stolen and your accounts closed are only a few things that could happen. However, with data protection through encryption, you get an extra layer of security, preventing the wrong people from accessing your information.

Layers of Encryption

Something else that is great about encryption is that every website does it differently and some even use multiple layers of protection. This makes it more difficult for others to access your data. In addition, encryption codes can be changed frequently to prevent hackers from finding ways to crack the code.

Encryption is important in many ways. It helps to keep your information safe from hackers who would use this data to do damage such as steal your identity. This could cause a lot of unwanted trouble. You could end up losing money and even have your accounts closed. At Legacy Armour, we use customized encryption keys to protect your legacy. To learn more about encryption and how it can keep your information safe, visit Legacy Armour today.

Safely Store Your Estate Planning Documents

estate planning

Have you started your estate planning? Whether or not you’ve already started, you’ve probably wondered about your document safety. When starting the estate planning process, most people wonder whether or not their documents will stay safely away from those who shouldn’t have that information. How can you be sure? With Legacy Armour, it’s easy. In fact, you can have total peace of mind over your estate planning documents for the rest of your life.

We Provide Documents

The first step to safely securing your estate planning documents? Obtaining those documents in the first place. Legacy Armour can help you with that step. In fact, we make it easy. If you decide to open an account with Legacy Armour, we provide the necessary documents for you to inform your loved ones of your wishes.

You Choose Your Recipients

Next, you choose who should have access to your documents and when they should have that access. You’ll also designate the trigger that will release your documents. For instance, if you choose your death as the trigger, your estate planning documents will not leave your vault for any other reason as long as you live. When the trigger does take place, Legacy Armour will release your documents only to the people whom you choose.

Encryption and Authentication

How can you be sure that your information only goes to your recipients? Our encryption process makes sure of that. We have a multi-layer encryption protocol, and it starts as you upload your information, not after you upload it. Some other services only encrypt after the upload process, which leaves your documents vulnerable to security breaches. We, on the other hand, want to protect your estate planning documents at every step, not just the last several steps. You hold the encryption keys, and you set the passcodes and authentication protocol. If you want two-step authentication, Legacy Armour can support it. In fact, not even the team at Legacy Armour can access your information. Until the trigger takes place, only you have total access.

Estate Planning With Legacy Armour

Are you ready to begin your estate planning? Why not plan your estate as securely as possible with Legacy Armour? Our unbreakable security measures and our dedication to our clients have helped many people safely manage their estates. Our clients maintain peace of mind thanks to our safety measures. If you’re ready to get started, contact Legacy Armour to learn more.

The Perfect Fit: Legacy Armour and Life Insurance Packages

life insurance packages

Life insurance packages can give you and your family a layer of protection that can put your mind at ease. When you combine your life insurance with the security of Legacy Armour, you have everything that you need to secure your plans for your family’s future. With Legacy Armour, you can store your life insurance information in encrypted digital vaults. A plan with Legacy Armour fits perfectly into any life insurance packages. Read on to find out why.

You Choose the Trigger

Life insurance benefits are not automatic. Your family will have to claim their benefits. We mentioned recently that a lot of life insurance benefits go unclaimed because people don’t realize that they’re entitled to those benefits. When someone experiences a loss, he or she is likely not thinking of practicalities like life insurance packages. However, when you store your life insurance documents with Legacy Armour, you choose your beneficiaries and the trigger that prompts your information delivery. Your loved ones can get your life insurance information automatically upon your death or incapacitation. This way, they’ll know exactly what to do without having to search for information or instructions.

Encrypt Your Information

In addition to automatic information storage, you get automatic security when you store life insurance packages with Legacy Armour. We encrypt your files before we upload them, not afterward. Some services don’t encrypt documents until after you upload them, leaving your information vulnerable to hacking and other dangers during the upload process. Legacy Armour will protect your information for your family throughout every step of the way.

Store All Related Documents

When you store information from life insurance packages with Legacy Armour, you also get to store related documents as well. When you use our encrypted vaults, your plan includes estate planning documents for you to fill out and sign. Each plan also comes with personalized messages for each of your recipients. You can remind your family how much you love them while providing simple instructions that will make their lives easier.

Life Insurance Packages and Legacy Armour

Are you ready to protect your family by adding Legacy Armour to your life insurance packages? Then we’re here to help you through every step. With Legacy Armour, you can safely store all documents related to your estate, your finances, your medical information, and more. Secure your future with Legacy Armour today. Start here to begin your free trial.

What Are Digital Assets?

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Digital assets are digital property that we own or have the right to use. These intangible assets are not always easy to recognize. Things like purchased MP3 files or digital video recording are easy to determine as digital assets. However, the term also includes virtual information like your usernames, passwords, and credit card numbers. These types of digital assets are especially valuable because they are related to your financial records and personal information. That’s why different types of digital assets benefit from the protection offered by a life monitoring platform.

Types of Digital Assets

There are several different types of digital assets that require the protection of a life monitoring platform. Purchased items typically have a predetermined value and are readily available. This includes things like music files, movie files, and computer programs. These assets are not unique and can easily be purchased on the open market. Therefore, these assets are unattractive to potential hackers.

However, personal assets including home movies and pictures are more valuable. These files are unique to their owners. Therefore, they have more sentimental value than they do monetary value. Additionally, owners of these properties are more likely to want them protected because they can not easily be replaced. This makes these digital assets liable to ransomware.

The final major type of digital assets is sensitive information. This includes information like your personal information, your financial accounts access information, your estate documents, and other unique information. If these kinds of digital assets fall into the wrong hands, it could lead to identity theft or monetary loss. Consequently, these assets require the most protection.

Life Monitoring Platform

A life monitoring platform is a secure location for your digital assets. You can use a life monitoring platform to store and manage your digital property and information. Life monitoring software encrypts data keeping it safe against hackers. The encrypted vaults protect your privacy online and consequently prevent against data theft. This makes a life monitoring platform an excellent location to store medical, financial, and other sensitive information. Additionally, you can arrange to have information released to certain people in the event of your death or incapacitation.

Digital assets are often overlooked because they are not physical property. However, in today’s digital world, many of our most valuable assets require protection from hackers and other online risks. Any information on unprotected computers, tablets, and phones is at risk. A life monitoring platform encrypts and protects sensitive information. This includes digital assets like your financial accounts access, your estate documents, your business documents, and your personal information. If you are looking for a way to protect your digital legacy, contact Legacy Armour today.

Benefits of Corporate Asset Protection

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One of the best ways to protect yourself, your family, and your business is to plan ahead. You may have already taken steps to protect your family in case of your death or incapacity. Have you protected your corporate assets yet? Asset protection doesn’t only apply to the future. You can use corporate asset protection to keep your business safe right now.

Avoid Malware

Did you know that 75% of corporate assets are digital? Digital assets, by nature, are vulnerable to malware that can harm your files if you don’t protect them. Without the right protection, your corporate assets can become targets for information distribution and destruction. Asset protection, however, helps by encrypting your information and defending it from vulnerabilities. You can keep your information safe from hackers, rogue software, and anything else that may try to harm your assets now or in the future.

Designate Your Recipients

Who will take charge of your corporate assets if something happens to you? Have you put a plan in place? Does this person know how to implement the plan? Do you know of anyone who might try to take charge against your wishes? When you use a corporate asset protection service, you won’t have to worry about any of these questions. A protection service gives you the ability to choose one or more recipients for your information. If your assets get released, only your designated recipients will have access to them.

Get It Off Your Mind

Once you set up your service, you can stop thinking about it. Check in on your assets whenever you want to check in, or focus on other things. Asset protection can become a nagging task. You promise yourself that you’ll get to it later, but when “later” doesn’t come, you get more and more stressed about it. Corporate protection gives you the knowledge that you’ve taken care of your assets. You’ll get the peace of mind that you deserve.

The Best in Asset Protection

Are you ready for some peace of mind? Let Legacy Armour help you get the asset protection you need. We offer the best in layered security, and we take every necessary step to keep your data safe. From succession planning to medical records, we provide protection and encryption for all of your most pressing needs. If you’re ready to secure your legacy, start your free trial today. Let us show you the difference that protection can make.

What Happens to Your Digital Presence Upon Your Death?

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Although nobody wants to think about death, we all plan as best as we can. We have the resources to draft wills, buy life insurance, and generally make transitions as easy as possible for our loved ones. Have you also considered getting a life monitoring platform?

What is a Life Monitoring Platform?

A life monitoring platform works like insurance for your digital presence. You can use your life monitoring platform to store all of your necessary digital information. Your loved ones can then receive that information when they need it the most.

Your Digital Footprint

Why might you use a life monitoring platform? Because your digital footprint reaches much farther than you think it does. You likely have a presence in all types of digital media. You and your doctor might comment on your medical information via a secure app, for example. You’ve probably done at least a small amount of banking online. You use software to conduct business. Where would all of that information go if you were no longer able to manage it? Will your family be able to find this information if they need it? What about business partners? If you’ve set up a plan for business transfer after your death, will the right people have access to the plan? A life monitoring platform can help with all of these things.

Easy Access

The information that you store with your life monitoring platform stays in a single place, bundled together until the moment your family needs it. Your family receives the information automatically. They won’t have to embark on a digital scavenger hunt to find the records that you left behind.

Encryption Security

You know that your family will have easy access to your information, but what about today? How will your information be protected until it needs to be released? This is where Legacy Armour’s encryption security comes in. We encrypt all of the information that you entrust to us, keeping it safe from hackers and from early release. Your family will receive your information exactly when they need it, and not a moment before.

How Else Can Legacy Armour Help?

Legacy Armour is a life monitoring platform that allows you to safely organize and store important information. You keep your files in encrypted vaults, and you specify the conditions that lead to the information’s release. If you’re ready for the peace of mind that comes from knowing you have a plan, contact us today. Whether you’re representing yourself or a business, we can help you develop your plan. Start your free trial now, or call us at 1-844-UR-Legacy.