Modern Claims Award Judges Recognize iovation for Detecting Organized Fraud, Policy Manipulation, Ghost Broking and Claims Fraud
iovation, the provider of device intelligence for authentication and fraud prevention, today announced that it has been named the "Service Provider of the Year" in the 2016 Modern Claims Awards. A panel of judges, representing every aspect of the claims industry, selected iovation for its commitment to the industry and for its technology which helps European insurers stop fraud at the point of quote and beyond. iovation protects a rapidly growing number of European insurance clients, including many of the largest insurers in the United Kingdom. These insurers collaborate through iovation's Fraud Force Community and in-person user groups to collaborate about the latest schemes and strategies to stop them.
"This award highlights our unique contribution to the UK Insurance marketplace and our ability to stop fraudsters in their tracks before they have a chance to begin a fraudulent insurance claim," said Tristan Prince, European Business Development Manager at iovation. "We pride ourselves on the community of insurers now actively using iovation and sharing device insight, intelligence and evidence to prevent fraudulent claimants from even getting onto their books."
The majority of anti-fraud measures have relied on point-of-sale or even post-sale fraud detection, leaving insurers and brokers vulnerable to fraud losses. By leveraging iovation's intelligence on billions of internet devices, insurers are able to identify fraud and misuse at point of quote, point of purchase, claim, mid-term adjustment and renewal. Recognizing these capabilities, Modern Claims has selected iovation for:
- Consistently improving efficiencies and reducing costs for all parties
- Demonstrating innovation in bringing to market new service offerings
- Delivering high standards of service and support to clients
Modern Claims specifically awarded iovation for its work in implementing device-based technology at the point of quote with a major aggregator, Gocompare.com. iovation's fraud prevention solution is allowing insurers and brokers to implement a point-of-quote fraud, misuse, detection and prevention capability. By utilizing the intelligence gleaned at point of claim and through other investigations, iovation and Gocompare.com helps insurers and brokers prevent future fraudulent and high-risk claims.
Modern Claims recognized iovation and other winning companies during an awards ceremony held at New Dock Hall in Leeds, England. To learn more about the other awards won by iovation, go to https://www.iovation.com/news/awards.
TransUnion Global Fraud & Identity Solutions unite both consumer and device identities to detect threats across markets while ensuring friction-right user experiences. The solutions, all part of the IDVision with iovation suite, fuse traditional data science with machine learning to provide businesses unique insights about consumer transactions, safeguarding tens of millions of transactions each day.