Insurance-related fraud is one of the biggest cost factors when claims are made against Insurance companies.
Accidents resulting in insurance claims involving vehicles, machines, plants, and devices, often result in a substantial loss for the insurer. In many instances, it is often not possible for the insurer to determine if the part or device that caused the accident or damage was the original from the manufacturer.
Digital identities of parts, components, and devices provide reliable authentication of their origin. Based on such digital identities, it is easy to authenticate a single component, part, or device. Furthermore, it is also possible to determine if it was altered or manipulated. Even the transfer of this data is no longer an issue as it can be achieved in a digital and secure way, ensuring that the data is secure against fraud and manipulation during transit, use, and storage.
Secure authentication through digital identities of parts, components, and devices reshapes claim management, enhances processes and efficiency, and minimizes fraud.