Insurance policy and claims fraud is a constantly evolving game of cat and mouse for general insurers. To remain commercially competitive, underwriters and claims management firms need to be sure they have the richest, most up-to-date intelligence to enable them to successfully detect and identify complex fraud without derailing their good customers experience at policy inception, mid-term adjustment or point of claim.
LexisNexis® ThreatMetrix® uses a revolutionary global shared digital identity intelligence network that uncovers the dynamic intricacies of how people transact online to help insurers transform their ability to detect and defend themselves against the latest fraud challenges – while at the same time enabling a truly friction-free customer experience.
Leading insurers are now realising that plugging in the Digital Identity Network into their existing fraud and claims risk assessment process can have a profound impact on their fraud detection and customer authentication capabilities, as well as improving the efficiency of their claims ‘straight through processing’.
The near real-time crowd-sourced insight available through the shared Digital Identity Network is proving to be a real point of difference when creating a customer onboarding and fraud prevention capability fit for the future.
By deploying ThreatMetrix into its analysis capabilities, OneCall improved fraud detection by around 60% and were able to identify Ghost Broking and other network fraud rings that were previously going unnoticed.
Use the global shared intelligence of ThreatMetrix to help create a more robust level of customer risk/anomaly detection and customer authentication when conducting policy inception or other customer onboarding checks.
The Mid Term Adjustment (MTA) process represents a real point of risk for Insurers and is often used by fraudsters to take over policies, or for policy holders to withhold/ manipulate data about their latest circumstances.
By leveraging the global shared intelligence within the Digital Identity Network, SIU teams can speed up and improve their ability to identify costly complex claims fraud or organised networked fraud rings.
The intelligence provided by ThreatMetrix can help Insurers achieve a more efficient ‘straight through processing’ capability to automate more of their claims processing without exposing themselves to the risks of fraudulent or inappropriate claims.