Fraud is one of the thorns that have plagued the insurance industry right from its inception. It continues even today, despite our best efforts. The only way to combat fraud is to have an end-to-end verification process without any loopholes.
Welnext is committed to reducing fraud and bringing automation and transparency to the medical services industry. Along with its associated company Veriright, Welnext has introduced numerous services to prevent fraud.
Verification is required at every step - from onboarding to pre-policy issuance of health checks to tele and video medical evaluation.
Oftentimes, people would provide misinformation about their age or any chronic illnesses that they may have. Medical treatment is expensive, and if you can pass off that expense burden to insurance companies, many people would jump at the chance.
This is carried out through a variety of measures such as facial match to video authentication to geo-tagging.
The higher the level of digitisation and automation that can be introduced in medical reports, the better it is. This directly cuts down associated costs as well as turn-around time.
Earlier, with conventional medical tests, it could take up to a week, or even more, to get the test reports reviewed by a doctor. Now, with the advances in AI and the popularity of OCR or optical character recognition, medical test reports can get digitised in a few mere moments!
In fact, Welnext takes it one step further and sets up a whole chain of automation. On the basis of pre-defined rules, triggers are set up for additional medical tests. By taking the manual quotient out of the follow-up process, we save time and effort.