Case Study:
One Call Insurance
One Call Insurance Switches to LexisNexis® Risk Solutions and Increases Fraud Detection Rate by ~60%.
One Call Insurance is Cemented as One of the Top Anti-Fraud Insurance Brokers in the UK.
One Call Insurance increases fraud detection rate by ~60%
Addressing fraud in the insurance industry
One Call Insurance is one of the largest independent insurance brokers in the UK. Founded in 1995, One Call Insurance hit the 500,000 customer milestone in 2018, writing millions in gross written premiums. It was experiencing a wide range of fraud, including ghost brokers and organised fraud rings trying to obtain fraudulent policies, as well as individuals switching from different insurance companies after defaulting on payment.
When One Call Insurance switched to LexisNexis® ThreatMetrix, it was able to analyse every new policy application in the context of the applicant’s digital identity, identifying any anomalies or high-risk behaviour that could indicate fraud, and reject applications that looked fraudulent before providing coverage.
Key takeaways
- One Call Insurance were able to reduce fraudulent new policy applications, reliably detect ghost brokers and organised fraud rings, streamline their fraud review process, and reduce fraud losses.
- The ThreatMetrix solution has increased the fraud detection rate by approximately 60 percent compared to the incumbent device-based fraud solution.
- One Call Insurance has earned the reputation as one of the top anti-fraud brokers in the UK.
- A more proactive, streamlined approach to detecting high-risk cases.
- Reduced exposure to third-party liability on fraudulent policies, as well as reduction in fraud losses from false claims.
“The system is a lot easier and it has sped up the process. We are now much more confident—when there is no flag by ThreatMetrix, there is a minimal chance of fraud.”
LexisNexis® ThreatMetrix®
The challenges of fraud
Despite a robust fraud detection solution, One Call Insurance couldn’t always identify a fraud ring or ghost broker until it saw subsequent policies with unusual links to the first. The initial policy slipped under the radar, then another policy appeared from the same device, or with the same email address or telephone number, and the fraud ring was exposed. It was missing the opportunity for early, proactive detection.
One Call Insurance needed a solution that could authenticate all applications from the outset, looking holistically at connections between devices, locations, email addresses and threat intelligence to detect anomalies that might indicate fraud right from the first application.
— Josh Barnsdale, Chief Executive Officer, One Call Insurance
Leveraging ThreatMetrix Digital Identity Graphs to reliably identify fraud rings
The ThreatMetrix solution is underpinned by the LexisNexis® Digital Identity Network® which harnesses global shared intelligence from millions of daily consumer interactions including logins, payments and new account applications.
Using this information, the ThreatMetrix solution creates a unique digital identity for each user by analysing the myriad connections between devices, locations and anonymised personal information.
Digital identities are created by combining the following key intelligence:
Device Profiling
Threat Intelligence
Identity Data
Behaviour Analytics
Long-term success
One Call Insurance took advantage of the flexibility of the ThreatMetrix policy engine to customise risk scores to suit its specific business requirements.
ThreatMetrix Trust Tags enabled One Call Insurance to effectively differentiate between fraudsters and legitimate applicants. Trust can be associated dynamically with any combination of online attributes such as devices, email addresses, card numbers or any other attributes involved in accepting, rejecting or reviewing an insurance application.
This capability had a big impact on streamlining the policy approval processes. Following successful deployment, One Call Insurance is looking at extending the solution to help prevent fraudulent claims.
