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April 29, 2024

eData launches Vehicle Fraud Detection

In an industry consistently challenged by fraudulent activities, eData is taking a significant
step forward in the battle against insurance fraud with the introduction of its groundbreaking Vehicle Fraud
Detection (VFD) tool. This cutting-edge solution is designed to help insurers identify potential fraud in motor
policies, including the prevalent issue of non-GCC spec vehicles being insured as GCC spec at inflated
values.
The insurance sector has long faced difficulties with imported non-GCC spec vehicles that are incorrectly
registered as GCC spec. These vehicles are often insured at higher values and subsequently claimed as total
losses, posing substantial risks and losses for insurance companies. eData's VFD product leverages
advanced big data analytics and artificial intelligence to scrutinize existing insurance portfolios and detect
discrepancies and potentially fraudulent activities.
Moreover, the VFD tool serves a dual purpose by acting as an asset for internal data quality assessments and
process audits. By integrating this tool, insurers can not only combat fraud more effectively but also enhance
their operational efficiencies and data management practices.
"eData is committed to enhancing transparency and integrity within the insurance industry," said Mr. Pascal
Persoon, Founder & CEO of eData. "Our Vehicle Fraud Detection product is a testament to our dedication to
innovation and excellence in helping insurers protect themselves against risks associated with vehicle
insurance fraud."
The launch of the VFD product is expected to set a new standard in fraud detection and could potentially save
the industry millions annually by preventing fraudulent insurance claims. eData invites all insurance
stakeholders to experience the benefits of its latest innovation and to collaborate in creating a more secure
and trustworthy insurance landscape.
For more information about the Vehicle Fraud Detection product or to schedule a demo, please contact Ms.
Basma Samy, bsamy@edata.ae.

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