AUSTIN, Texas, Dec. 11, 2018 /PRNewswire/ -- A Fortune 100 insurance company's Special Investigative Unit (SIU) is remotely conducting interviews through Liveoak's Virtual Interactions™ platform for disability claims that have been flagged for potential fraud. Prior to adopting Liveoak's technology, the SIU team mainly conducted in person interviews which requires travel to policyholders across the United States. By remotely conducting interviews, investigation time is shortened, travel expenses are reduced, and investigative experts can conduct more interviews across their current teams.
Today, investigative experts utilize Liveoak's Virtual Interactions™ platform to remotely conduct audio and video interviews, conduct range of motion tests via web conferencing technology and walk claimants through completing and signing authorization forms through Liveoak's collaborative tools. The entire interview is recorded, signed authorization forms are attached and every action down to the keystroke is captured and on the record through Liveoak's System-of-Audit™. Future enhancements include integrating facial recognition and artificial intelligence for lie detection into the platform.
In the near term, the benefits of using Liveoak's platform are focused on conducting more interviews in less time without expanding SIU teams and less travel expenses. Liveoak's Head of Sales, Mike Alderson says, "We anticipate finding even greater ROI results as we compile more data. We are hypothesizing that increasing capacity across these teams will allow Insurance companies to lower investigation thresholds and ultimately reduce fraudulent payouts as more claims are researched."
Liveoak Technologies was founded in 2015, is venture backed and has strategic investments from financial services leaders such as John Hancock (Manulife), Northwestern Mutual and Prudential's Gibraltar Ventures. Liveoak holds the patent for our interactive transaction platform that combines best-in-class video conferencing, synchronous/collaborative editing and electronic signature. Liveoak has won multiple awards including the 2018 Benzinga Global Fintech Award for Best Customer Engagement Tool and was named one of Austin's hottest startups for 2018. Liveoak is based in Austin, TX and has an office in New York, NY.
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SOURCE Liveoak Technologies