Combat Insurance Fraud with High-res Imagery

Fraud and insurance claims–the two go hand-in-hand and have become so intertwined that they weigh heavily on an insurer’s mind. Considering that fraud and forgery claims can represent more than 20% of dollars spent on claims losses and expenses according to an independent analysis conducted by Milliman in May 2024, it’s a pretty critical component of any insurance company’s workflow to deter and stop fraud in its tracks. So an SIU team needs resources and tools that can help them uncover those issues before they hit the company’s bottomline.

Vexcel provides high-resolution aerial imagery in 40+ countries to help you keep track of your insured properties, both commercial and residential. In the U.S., coverage extends across 49 states, with collections up to three times per year in major metro areas. You also get access to current and historical imagery, so you can compare and contrast changes (or no change!) on properties to validate claims. Vexcel has a long history of supporting insurers in weeding out fraud, whether it be for thousands or millions of dollars (learn how Citizens accomplished this), our customers have benefited from access to our imagery and AI datasets.

Central Insurance: Breaking Open Two Fraudulent Claims

Central Insurance is a Vexcel customer and uses its comprehensive aerial imagery library to support efforts across the policy life cycle, from underwriting to claims, and now on into SIU. Two particular scenarios shared with our team showcase how access to current and historical imagery helped prevent fraudulent claims from getting through.

SCENARIO 1

The first claim submitted involved a commercial property theft of three AC units. The covered building was an old bank renovated for office work with an active policy in place for not quite six months at the time of the claim. The start of the policy began in the winter so when the insured made the claim, they stated when they went to turn on the air in the warmer weather, the AC units were missing, but they did not report the theft to the police. Vexcel imagery was used to verify that the AC units were actually missing before the policy was activated and had been missing months prior. With 2-3 images available over the course of a year in an urban area, Central Insurance was able to show the insured with timestamped imagery, along with an onsite property inspection, the units never existed under their coverage. The insured never responded to additional follow up and the claim was closed without payment. The potential economic impact of this claim was over $30,000.

[sample imagery of commercial buildings with AC units below]