Case study: facilitates early fraud reduction

  • PDF
  • Claims
  • Rating +3

The accelerating popularity of price comparison websites (PCWs) in the UK insurance market – also called aggregators – is putting more control and choice in the hands of consumers. However, this is also opening up a new realm of possibilities for fraudsters.

Because PCWs can obtain quotes from multiple insurers in just one search, fraudsters and bots can submit hundreds of applications with slight variations to identify and resell “too-good-to-be-true” insurance plans as ghost brokers, purchase multiple policies before orchestrating accidents for claims fraud, or use the data they extract for competitive intelligence.

As the PCW has the first contact with the customer, insurers are limited to accepting a quote simply based on the information in the application and very few have the ability to apply fraud protections before a quote is submitted.

As a result, the insurance industry has been calling out for comparison websites to step up and implement anti-fraud measures that stop fraudsters.

This case study focuses on how implemented iovation’s device recognition technology at point-of-quote to identify high-risk traffic, flag third party fraud, block misuse of its website, and increase partners’ confidence in the customers passed to them.