The unprecedented times that we all find ourselves in is proving challenging for all sectors. In retail, policies and procedures are constantly changing on a local and national level. Retailers are also facing a global rise in claims and fraud relating to slips, trips, and falls. Particularly for Retail Loss Prevention teams, adaptability and innovation should be a focus right now.
Fraudulent Injury Claims
It is not uncommon for what appeared to be a minor incident at the time to be manually recorded in a retailer’s ‘incident book.’ Retailers typically store video surveillance for only 30 days. However, the average accident claim arrives after 90 days. Many of these claims are fraudulent, but with many claims coming in 60 to 90 days after the incident, retailers are left without the evidence required to defend these claims. Slips, trips, and falls cost UK retailers £800m annually (hse.gov.uk). Furthermore, these claims are becoming extremely prevalent in the US, a traditionally litigious society.
Current systems have various technological limitations, from providing storage of CCTV video for just 30 days to requiring expensive proprietary hardware. Another issue for retailers is having too much video, and a real challenge is in retaining the relevant video evidence.
Not being able to provide the correct video evidence in the event of a personal injury claim leaves retailers exposed to fraud or significantly embellished claims lodged by Claims Management Companies (CMCs).
The most in demand solutions are those which help retailers to collect evidence to validate or invalidate personal liability claims. Cloud by Ocucon provides unlimited storage for unlimited surveillance cameras in the cloud. Cloud by Ocucon enables you to securely store video footage for your chosen length of time, i.e. 6 months. It empowers retailers to successfully defend against fraudulent liability claims, and settle valid claims efficiently. A user friendly incident management tool allows you to retain and bookmark the correct video evidence.
Forward-thinking LP teams are looking into computer vision technology that can help them proactively prevent slips, trips, and falls before they occur. Ocucon is currently doing groundbreaking research in this area and is looking to partner with retailers to provide live testing of our research and technology.
Responding to Changing Policies and Procedures
A new challenge for retailers is responding to the changing COVID-19 policies and procedures enacted on a national and local level. Ocucon developed a solution, Occupi , in just three weeks when the UK went into lockdown to allow essential businesses, especially retailers, to open and operate safely and efficiently.
We continue to work closely with our customers to ensure that Occupi is responsive to customer needs and can adapt to the changing world we are operating in. We will continue to incorporate new features, like the two new accessibility functions as the system becomes more widely used.
We have estimated that it currently costs retailers around £1000 per week to have staff marshals at the entrances of stores. Occupi can therefore offer retailers savings of up to £15.1 billion annually. Occupi is a solution that LP professionals can bring to their organisation and immediately deliver value and cost savings.
A Fully Integrated Approach to Risk Mitigation
Ocucon offers retailers a ‘fully-integrated’ approach to mitigating risk. All of our solutions aim to minimise total retail loss and help LP teams improve the bottom line for businesses.
We’re delivering a free webinar aimed at LP Professionals in conjunction with Telaid and LPF on 15th September. Join us to learn how actionable business intelligence can empower you to deliver savings and reduce shrink. You will learn how delivering cost effective tech solutions will generate significant operational efficiencies and cost savings to your organization.
Our webinar will cover the following topics:
- Actionable ways in which you can provide further value to your organization
- Learn how innovative technology developed in conjunction with a major global retailer can engage various teams across your organization
- How artificial intelligence and deep learning technology is helping retailers overcome the challenges brought by COVID-19
Register for our upcoming webinar here: https://us02web.zoom.us/webinar/register/WN_Wj5PJuj3TMy7zdegEh2Y-w