IT experts are predicting that the internet of things and blockchain will likely provide solutions for curbing insurance fraud, helping to reduce premiums and making insurance more accurate and affordable for everyone.
Fraudulent activities are perpetrated not only by clients but internally as well, and the cost of such fraud runs into millions. However, technology solutions can improve models for insurance advisers and allow them to pass the savings on to their clients in the form of lower premiums.
Technology holds the key to many of the current fraud challenges facing insurance companies currently. Telematics devices and the internet of things could revolutionize both short and long-term insurance. Connected devices can be tracked to effectively reduce fraud across the board.