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Everything You Need to Know About GPS Units vs. Insurance Fraud

Everything You Need to Know About GPS Units vs. Insurance Fraud

The cost of insurance fraud could total more than $40 billion per year, making it one of the most lucrative crimes law enforcement now investigates.

This type of fraud involves:

  • Misrepresenting facts on insurance applications
  • Inflating insurance claims
  • Submitting claims for events that never happened
  • Staging accidents and events to secure insurance funds

Now, more insurance companies are using GPS technology that helps adjustors verify claims and identify fraud. 

Learn more about GPS units vs. insurance fraud below and how GPS devices prove useful when claiming on your insurance policy. 

How Can GPS Units Help Insurance Companies Battle Fraud?

GPS units, like those manufactured by LandAirSea (LAS), are small navigational devices that generate real-time location information from satellite systems that navigate the earth. You can attach these devices to an object like a vehicle or another valuable and view its exact geographical position on your computer or smartphone. 

GPS products prove beneficial for insurance claims because they allow providers to verify what people say when claiming on their insurance policies. For example, a GPS unit can confirm whether:

  • A claimant was really involved in an accident or other event that involved damage to a high-value item
  • A criminal stole an item from a claimant
  • An item went missing

Here's how GPS devices provide intelligence in these three scenarios.

Damage to a high-value item

GPS units attached to a high-value item can reveal what happened to the item when a claimant is seeking insurance funds to pay for the damage. For example, a unit tells an insurance adjustor whether someone was involved in a car accident that damaged their vehicle by revealing its speed at different points in time. GPS products can also verify someone's insurance claim by providing historical data that shows the location of their vehicle at the time of an alleged accident. 

Insurance adjustors can use GPS information with witness testimonies, video surveillance, police records, and other evidence when deciding whether to approve or deny an auto insurance claim. 

Theft

Suppose someone alleges theft of a high-value item on an insurance claim form. In that case, adjustors can confirm this information by checking historical data generated from a GPS unit attached to the item. GPS devices will reveal the trajectory of the valuable and verify whether it did indeed move from its original location, as the claimant asserts. If the valuable item didn't move from its original location, adjustors might be able to prove insurance fraud.

Missing items

If a claimant can secure insurance funds for missing items, GPS instruments can verify whether a high-value item really did go missing. Like alleged thefts, adjustors can check the location history of missing valuables and establish whether what a claimant says is true. 

Benefits of LAS GPS Units for Insurance Fraud

LAS has pioneered GPS technology since the 1990s. The company manufactures high-quality and affordable GPS units that can help insurance companies in the following ways:

Manage risk

GPS devices from LAS can improve risk management objectives for insurance companies. Units like the LandAirSea 54 with ShareSpot (TM)

provide historical location information about stolen or missing assets, allowing adjustors to authenticate claims before handing over insurance funds. These units can prevent companies from issuing funds for events that never occurred and identify fraudulent claimants who might threaten their business. 

Reduce costs

LAS GPS units can reduce costs for insurance companies by providing real-time insights into alleged car accidents, thefts, and other events, reducing the need for full-scale investigations that rely on evidence collection and interviews. Real-time location intelligence generated from LAS products might be enough to verify an insurance claim without an adjustor wasting money and resources on:

  • Accessing and checking police records
  • Accessing and checking driver records
  • Verifying witness statements
  • Interviewing claimants 
  • Asking claimants to provide additional evidence

LAS' technology for GPS units vs. insurance fraud might reduce the time it takes insurance companies to investigate claims by weeks or even months. 

Improve customer service

Nobody likes being asked for additional evidence or being called for an interview by an insurance company after a traumatic event like an automobile accident — even though a company only does these things to verify claims. GPS units from LAS can improve customer service by confirming a car crash or another event happened without a claimant needing to complete other stressful tasks or wait months to receive funds.

GPS Units vs. Insurance Fraud: Which LAS Products Are Best?

LAS has three GPS trackers that can be helpful for insurance claims:

LandAirSea 54

You can attach this waterproof and dustproof GPS device to an area of your vehicle or a high-value item with its internal magnet and provide your insurance company with location data in the event of a car accident or theft.

LandAirSea Sync

This GPS tracker can also provide evidence for insurance claims you make in the future. It also attaches to various areas in a vehicle and expensive assets, helping you prove theft, automobile events, and missing items. LandAirSea Sync has a battery that lasts three-four times longer than LandAirSea 54.

LandAirSea Overdrive

This GPS tracker attaches directly to your vehicle's OBD II port, allowing you to track the location of your automobile and give your company the information required to investigate a vehicle-related claim. Because LandAirSea Overdrive connects to an OBD II port, it requires no batteries or charging. 

Why Choose LAS?

LAS provides the following benefits:

Affordable pricing

LAS products are up to 80% cheaper than other GPS units on the market. Its subscription-based pricing model gives value for money with no long-term contracts or cancelation fees. 

Excellent customer service

You can contact a member of the LAS team when setting up or troubleshooting your device. You can also access user guides and FAQs online. 

Silvercloud app

You can view location information in real-time on the Silvercloud app. Download the app on Google Play and the App Store.

Final Word About GPS Units vs. Insurance Fraud

Fraud is a growing problem for insurance companies, so adjustors are now using GPS technology to verify location information from claimants. Investing in a GPS unit from LAS can help you prove what you say is true when claiming on your insurance policy and help you secure funds quicker. 

Learn more about GPS units vs. insurance fraud and find the best LAS device for your use case by emailing ian.conley@landairsea.com. Alternatively, check out LAS' range of high-quality and affordable GPS products

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