OSINT and Consumer Privacy: Trust in Insurance Fraud Monitoring

The insurance industry has continuously struggled to fight fraud cases that harm both insurers—who lose resources—and the insured—who are forced to pay higher premiums.  Fraudulent claims can break down the trust customers have with insurance companies. To maintain legitimacy, the insurance industry must find solutions to detect and monitor fraud. Fortunately, technology can be a reliable and effective tool in the fight against fraud, and one of the most prominent tools is open-source intelligence, which could possibly revolutionize insurance companies' relationship with fraud management.

The United States Government has defined open-source intelligence, or OSINT, as intelligence that has been gathered from public information that has been collected, used, and distributed to an audience to deal with a certain intelligence need. This technology unlocks a lot of potential for insurance agencies; however, many people are concerned that this tech will break down people's rights to privacy and is overly invasive. By understanding the details of how OSINT works for fraud monitoring, consumers can gain peace of mind and see that the technology is not inherently invasive and people can still retain privacy rights.

The Efficacy of OSINT in Fraud Monitoring

When used with Special Investigations Unit Software, OSINT is highly effective at fraud monitoring and helping companies combat fraudulent claims. The efficacy of OSINT mitigates the immense damages related to insurance fraud and can save money and resources for companies and consumers alike.

The FBI says that insurance companies collect $1 trillion each year in premiums every year, and with such a big industry, fraud is highly prevalent. Insurers stand to lose billions of dollars each year because of fraudulent claims. The Coalition Against Insurance Fraud suggests that more than $308 billion is stolen each year by insurance fraud, and as a result, 21% of insurance companies plan to invest in AI within the next couple of years.

Thus, compared to what they stand to lose, insurance companies can earn money by investing in OSINT. ONSINT makes tasks like social media detection and fraud monitoring easy.  ONSINT technology helps insurance companies gather data for investigations. OSINT doesn't make decisions for companies, but it does give them the data they need to make informed and productive decisions. The more fraud insurance companies can prevent, the better their bottom lines will be.

Balancing Innovation with Privacy

At first glance, many people are fearful of the power of OSINT and the privacy implications that naturally come up as insurers increasingly incorporate this tech into their investigations. It's true that this technology can be abused; however, trusted companies like Pilotbird focus on using ethical standards to balance innovation with privacy

The building blocks of modern OSINT have long been in play, so the ethical considerations have been discussed for years. OSINT may be more of a buzzword now than it once was, but open-source intelligence has been used for decades. What is now known as BBC Monitoring was created in 1939, and it was designed to monitor thousands of information sources to track global developments, such as the collapse of the Soviet Union. The United States also established a service to monitor open sources called the Foreign Broadcast Information Service, which was created in 1941. These early efforts led to the continued development of OSINT and showed that by monitoring public content, the analysis could lead to improved political and miliarial, governmental outcomes.

Since the early days of OSINT, its uses have expanded, and OSINT has been used in all kinds of sectors including law enforcement, business, and education. Of course, the tech used to gain this information has become better and more efficient, but the basic ethical concepts have remained the same.

The goal of OSINT is not to discover private information. Rather, the goal is to use publicly available information to investigate potentially fraudulent claims. Social media investigations, for example, do not expose private data from social media sites. These investigations only use openly available information, which ordinary people commonly use anyway. For example, imagine an employer trying to fill a position in their company. Not only do they look at candidates' resumes, but they are likely also to check out the candidates' social media to learn more about them. OSINT gathers that same kind of information only with more efficient results than manual searches. Pilotbird always adheres to regulatory standards to respect individuals' privacy rights

Building Consumer Trust

Building consumer trust is one of the most important relationships that insurance companies must foster. A 2022 Trust Report by Adobe suggests that 72 percent of consumers believe that AI can improve their experiences as customers. This statistic shows that customers feel peace of mind when they know technology is being leveraged. Customers pay a lot of money to insurance companies, so they want to know that their insurance company is taking steps to prevent fraud, which increases prices for consumers. Advanced technology can be used to create more trust and show customers that insurers are working honestly.

Additionally, OSINT is inherently transparent. The technology does not reveal any information that could not be publicly accessed, and customers' personal data is never revealed. Accordingly, insurance customers can have better results without having to use unethical or invasive investigative methods.

Preparing for the Future of Insurance

Insurance companies must keep up with the changing insurance industry and the increased challenges of fraud that can result from more complex, technologically-driven fraud schemes. OSINT can easily be incorporated into current company infrastructures and usher the insurance company into a modern age. OSINT can pick up on fraudulent patterns that would otherwise go unseen and can help find the truth more reliably when fraud is expected. Pilotbird stands proudly at the forefront of this transformative time and strives to find a balance between innovation and ethical standards.

OSINT Can be Revolutionary

OSINT has the potential to be one of the most revolutionary technologies that insurance companies use because it can greatly reduce money lost because of fraud and increase the trust consumers have in insurance companies. OSINT can promote a fairer, more secure industry that seeks information without invading the privacy of consumers.

Pilotbird understands the massive dangers of claims fraud and has established fraud monitoring that excels at helping companies promote security. Companies concerned about fraud are encouraged to use a demo of Pilotbird's fraud monitoring solution. To learn more about Pilotbird, Contact Us today.

REFERENCES

• Adobe Team (n.d.). 2022 Trust Report: Customer trust is earned or broken with every experience. Adobe Blog.
• BBC. (n.d.). History of the BBC. BBC Monitoring.
• FBI. (2010, March 17). Insurance fraud. FBI.
• Fraud Stats. InsuranceFraud.org. (2023, June 20).
• Leetaru, K.. (2010). "The Scope of FBIS and BBC Open-Source Media Coverage, 1979– 2008 (U)", CIA.
• Public Law. (January 6, 2006). National Defense Authorization Act for Fiscal Year 2006, Sec. 931, Department of Defense Strategy for Open-Source Intelligence,