Customers - Corporations
U.S. law prohibits truth verification/lie detection testing for employees that is based on measuring the autonomic nervous system (e.g. polygraph testing). No Lie MRI measures the central nervous system directly and such is not subject to restriction by these laws. No Lie MRI is unaware of any law that would prohibit its use for employment screening.
Such testing could potentially substitute for drug screenings, resume validation, and security background checks. Not only would this significantly streamline and speed up the hiring process, it would also reduce the costs associated with hiring a new employee. It would be expected to result in a more honest employee base.
The Fraud, Forensic & Investigative Service Group of Ernst & Young estimated that employee theft and fraud was $600 billion for 2002. This is $4,500 for every U.S. employee, or 6% of GDP.
Similar to government security screenings or corporate employment screenings, security firms could use No Lie MRI testing as a precondition of employment.
James Quiggle, Director of communications for the Coalition Against Insurance Fraud stated that insurance fraud costs about $80 billion in the U.S. alone. Insurance company insiders estimate that up to 1/3 of insuarance claims are fraudulent. Preliminary discussions with insurance firms indicate No Lie MRI truth verification could significantly diminish insurance fraud and results in lowering of premiums for their clients. It is reasonable to assument that some policy holders would agree to take a No Lie MRI test if truth verification would result in a lowering of their premiums.
No Lie MRI, Inc. is in the process of recruiting an executive to develop a marketing plan for attracting insurance company interest in No Lie MRI technology.
Investment Banking Companies
According to former Federal Reserve Chairman Allen Greenspan, trust is what is most needed in the financial market place. The risk of an investment is in part associated with getting truthful data. Sometimes the data received in corporate earnings statements is not accurate. At great expense to public companies, the Sarbanes-Oxley law has been put into place to deal with this problem. This law and its added expense to the US economy would conceivably not be necessary with accurate lie detection technology. Verifiable, truthful business financials and plans could lead to an increase in value of most corporations.
©No Lie MRI, 2006. All rights reserved. Site design by Good Cause Communications.