Whilst lie detection technology has been around for some time, it's never been widely adopted within the insurance industry. In this article from Insurance Post, they examine the viability of this technology within the insurance industry through a real world example provided by insurance broker, Only Young Drivers, and explore its potential impact in detecting fraud across other industries referencing the opinions of subject matter experts.
Within this article Matt Stanton, Head of Business Intelligence at Synectics Solutions, discusses the increased interest among financial providers in the practical uses of lie detectors as a fraud prevention tool.
"As a company we work very closely with a huge array of insurance, banking and other financial services providers to deliver fraud detection and prevention solutions and we are seeing an increasing number of our clients starting to explore the opportunities voice recognition technology offers. Voice recognition technology does hold significant future potential for risk prevention, while also offering the possibility of further streamlining the customer journey, through quicker and less intrusive verification processes."