Instant email address validation at point-of-quote is set to help build the insurance sector’s resilience to insurance fraud, as concerns mount over a potential rise in ID fraud in the COVID 19 environment and post-COVID 19 business environment.
Insurance application fraud is most commonly done with the intent of selling policies on, the fraudulent re-selling of live or cancelled policies by ‘ghost brokers’, or setting up false insurance policies, leading to fraudulent claims.
At LexisNexis Risk Solutions we already have a track record of applying our ID and linking technology and expertise to tackle ID fraud in the banking sector. With the launch of LexisNexis Emailage® Rapid there are significant opportunities opening up to benefit the insurance market.
LexisNexis® Emailage® Rapid is a powerful fraud risk scoring solution based on the email address and other personal information provided during the application process. It gives insurance providers an instant risk score, helping to verify an individual’s ID through email address information.
The score will indicate whether the ID used for the insurance application could be fraudulent. Emailage looks at the email address and the digital footprint that goes with it, based on how it has been used online, including its history.
Today, email is a unique global identifier that unlocks digital engagement and transactions in every industry because it is one of the most commonly used components of an online transaction. As well as automatically validating quotes, this fraud risk score can help inform pricing and underwriting decisions when used alongside a wide range of data enrichment datasets including publicly-available data, policy history data, property, environmental and prior claims data. This data is fed direct into insurer and broker software systems from one access point, the LexisNexis® Informed Quotes platform.
Emailage® Rapid helps to streamline the quote process, freeing up resources, assisting with inception of policies where they’re found to be fraudulent.
Insurance providers have to strike a balance between offering a streamlined application experience to the customer on the one hand, with robust insurance fraud detection and prevention capabilities on the other.
Manual checks post-quote can lead to customer friction and are limited by both time and the data resources available. LexisNexis® Emailage® Rapid will help prevent insurance providers writing business that is potentially subject to fraud. It can also protect individuals from having their identity compromised while helping to ensure a swift and smooth on-boarding process.
In February 2020, LexisNexis Risk Solutions acquired Emailage, a fraud prevention and risk management solutions provider. LexisNexis Emailage® Rapid is a proven risk assessment tool that is fuelled by continuously updating global digital insights and uses a patented, proprietary analytic approach to reimagine fraud detection.
Follow the link to the LexisNexis Risk Solutions website to find out more about how we support insurance providers.