New Facial Recognition Technology Promises to Cut Insurance Fraud

A new online facial recognition technology, Facebanx, has been developed that promises to dramatically reduce claims fraud.

Facebanx, a division of OhHi, a successful video chat company, has developed software that asks policyholders to add their photo to their insurance policy online. This can then be screened against a database and fraudulent multiple claims can be identified at the point of first contact. Policyholders can easily add their photos using a webcam on their laptop, tablet, iPad or mobile phone.

Matthew Silverstone, CEO of Facebanx, said: “Our product has been specifically designed for the insurance industry and provides a unique solution for insurers to share data to combat multiple claims fraud. We are currently talking to a number of insurance companies about adding their software to their CRM.”

An independent review of the cost-benefits of the software estimated that it would save insurance companies £50 on every insurance policy sold in addition to the commission saved from a sale via an aggregator.

Professor Mark Button, director of Centre for Counter Fraud Studies, said: “Counter fraud professionals are always looking for the ‘holy grail’ in the fight against identity fraud. Facebanx is an exciting new development and a product which could be one step closer to such a solution.”

A video highlighting how Facebanx can help to eradicate claims fraud can be seen at https://vimeo.com/63804244

Source: Facebanx