Tool is a Canadian claims analysis platform that helps insurers to ensure document authenticity as they relate to claims. Specifically, Tool helps carriers to verify the authenticity of an insured’s photos, files and claims forms to detect fraudulent claims.
Tool’s technology is called the IADUS (Image and Document Upload System) and is based on Optical Character Recognition software that examines the codes embedded in images, especially data related to date and time and location.
Provided as a white label solution, Tool is currently being trialed in north western Canada including Northwest Territories, Newfoundland, Labrador, British Columbia and Ontario.
Ultimately, Tool is one of many fraud detection startups that are bringing new technologies to bear on the legacy claims submission experience. Although optical character recognition is not a new technology, the ability to combine advanced smartphone cameras with emerging standards such as blockchain, will revolutionise the way both insurers and consumers approach insurance claims.