What is CARCO Fraud and Risk Prevention Technology?
CARCO offers cutting-edge Fraud and Risk Prevention Technology designed to safeguard insurance carriers and consumers from various risk events and fraudulent activities. With over 54 million vehicle inspections completed through a robust inspection network, CARCO utilizes advanced Mobile AI technology to streamline and automate the inspection process, ensuring that organizations can effectively protect their bottom lines in an increasingly competitive market.
What are the features of CARCO Fraud and Risk Prevention Technology?
- Integrated Mobile AI Fraud Prevention: The application is capable of functioning as both a designated inspection site and a self-inspection tool, enhancing flexibility for users.
- Fraud Alerts and Detection: Equipped with a powerful fraud analytics engine, the technology can detect and deter fraudulent activities, improving overall security.
- Cost-Effectiveness: Designed to be easily integrated into existing systems and mobile platforms, it helps reduce operational costs associated with inspections.
- Efficiency: Inspections can be completed in just minutes, significantly improving turnaround times for insurance providers.
- Central Data Repository: Provides access to a comprehensive database that leverages data from NMVTIS (National Motor Vehicle Title Information System), helping insurers ascertain vehicle title data and detect fraudulent claims.
- Automated Reporting: 99% of inspections are processed electronically within 24 hours, ensuring rapid accessibility of results for all stakeholders.
- Predictive & Prescriptive Risk Profiling: CARCO’s analytical tools allow insurance companies to flag high-risk policyholders, enabling proactive measures to mitigate risk.
- Extensive Inspection Network: With over 4,500 inspection sites located across 17 states, CARCO provides convenient access for policyholders needing vehicle inspections.
What are the characteristics of CARCO Fraud and Risk Prevention Technology?
- User-Friendly Interface: The Mobile AI application is designed to be intuitive, ensuring ease of use for both consumers and insurance professionals.
- Compliance with Regulations: CARCO’s services adhere strictly to regulatory requirements, helping organizations remain compliant.
- Holistic Approach: CARCO addresses the complete cycle of fraud detection from initial inspections to ongoing monitoring of potential risks.
- High-Volume Capability: The Central Data Repository can handle approximately 11,000 vehicle fraud investigations per day, processing 175 million new data points annually.
- ROI Generation: CARCO’s services have shown to result in a return of about $41 in fraud avoidance for every dollar spent on inspections, demonstrating significant financial benefits.
What are the use cases of CARCO Fraud and Risk Prevention Technology?
- Insurance Carriers: Major insurance companies utilize CARCO’s solutions for pre-insurance inspections, helping to establish clear and comprehensive vehicle history.
- Auto Recyclers and Salvage Yards: The technology assists these businesses in confirming the legitimacy of vehicle titles, thus minimizing their exposure to fraudulent claims.
- Regulated Entities: Entities operating in states with stringent vehicle inspection laws benefit from CARCO’s compliance-focused solutions.
- Policyholders: Consumers can easily access local inspection sites and check the status of their inspection reports, enhancing their service experience.
- Fraud Investigation Units: Law enforcement and special investigative units employ CARCO’s data repository to support investigations of auto fraud-related crimes.
How to use CARCO Fraud and Risk Prevention Technology?
To utilize CARCO's Mobile AI Fraud Prevention application, users can follow these steps:
- Download the Application: Access the app through mobile platforms.
- Register/Log In: Create an account or log in using existing credentials.
- Select Inspection Type: Choose between designated site inspections or self-inspection options.
- Complete Inspection: Engage with the app to input necessary data and submit photos of the vehicle.
- Receive Reports: Access the results and analytics within minutes of submitting the inspection.
