Released on: November 5, 2007, 8:29 am

Press Release Author: BeyondPR

Industry: Software

Press Release Summary: AquariumClaims now makes the case handling process easier for
claims companies, thus helping to avoid insurance fraud

Press Release Body: Insurers beware - fraudulent claims are reportedly costing
insurance companies £1.6 billion a year, with each claim averaging £800. The good
news is that smarter, more efficient and flexible claims management software from
AquariumClaims now makes the case handling process easier for claims companies, thus
helping to avoid insurance fraud.
The Association of British Insurers (ABI) said between March 2006 and March 2007 one
in every 11 claims made on general insurance policies, including home and contents
cover, mobile cover and pet insurance, was fraudulent. Of these, 85% involved the
policyholder exaggerating a genuine loss, fake claims and claims on property that
had been deliberately damaged.
Nearly half the detected fraud was on household insurance policies, with the scams
exposed including deliberate damage done to carpets. Insurers uncovered dishonest
claims worth £1.3m a day - three times the figure in 2003. The ABI said it believed
false claims worth a further £1.6 billion were going undetected each year.
Proper handling of claims is therefore vital for the insurance industry. New and
improved case management software from AquariumClaims makes the process simpler,
smarter and swifter for claims companies. AquariumClaims is a state-of-the-art
claims management software solution specially designed for fast growth claims
companies. Version 2.1 delivers even more benefits to the user, further speeding up
the claims handling process.
"Fraud has always been a problem for claims companies. But increasing numbers of
professional swindlers are coming up with savvier scams, while customers not fully
aware of their insurance policies are unwittingly committing fraud. Thus, it is
becoming harder for claims handlers to detect fake claims. AquariumClaims helps
makes the job easier. The new easy-to-use features in Version 2.1 make it an even
better product, delivering greater simplicity and reliability to the claims handling
process," said Aquarium's product marketing director Mark Colonnese.
Claims software from Aquarium has been designed specially for claims handling
businesses. It is quick to set up and is available at a comparatively lower cost. It
uses the latest web-based technology giving users a powerful solution at a cost that
traditional software providers cannot match.
Aquarium has set up a "60 second" online test which allows claims companies to
compare their current processes with state-of-the-art claims processing using
AquariumClaims. The test is free and confidential, and the results are emailed back
immediately to the user. Interested claims managers can take the AquariumClaims
online test at www.aquariumclaims.com.

For further information contact Aquarium Software, free of charge, on 0800 781 7570
or visit www.aquariumclaims.com

Notes to editors
Traditional software is installed locally on the user's own server, so requires the
user's IT staff to install and update the software. By using a Software as a Service
(SaaS) model, Aquarium does away with this, taking care of installation, maintenance
and upgrading of the software as well as secure data storage. The company has also
revised its pricing model so, instead of the traditional upfront license costs,
ongoing maintenance charges and heavy consultancy set-up fees, Aquarium can offer
users faster start-up and much more flexible pay-as-you-go pricing, if they want.



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Contact Details: Media Contact: BeyondPR. Tel: 0114 275 6996. Mob: 07930 697773.
www.beyondpr.co.uk
Ref: ECA018 - Insurance fraud