iovation, the provider of device intelligence for authentication and fraud prevention, has been named the 2015 “Outsourced Partner of the Year” in Post Magazine’s Data, Analytics and Technology Awards for Insurance. Judges from Post Magazine, a UK-based insurance publication founded in 1840, plus many of Europe’s most recognized insurance anti-fraud professionals, selected iovation based on the positive impact its device-based fraud prevention solutions have had on UK insurance providers.
“Online fraud is no longer perpetrated by the ‘lone wolf,’ it’s perpetrated by highly sophisticated organized gangs who are constantly coming up with new ways to carry out their schemes,” said iovation’s Business Development Manager for Insurance, Tristan Prince. “It’s essential that insurance providers have a unified front to fighting fraud just like the bad guys have with their activities. I’m honored that iovation has been recognized for helping make this happen.”
With iovation, insurers are able to identify fraud and misuse at point-of-quote, point-of-purchase, claim, mid-term adjustment and renewal. The company's device-based services specifically help them:
- Stop fraud risks by linking fraudulent claims together
- Quickly uncover organized gangs of criminals working in collusion
- Prevent ghost brokering, crash for cash schemes and quote manipulation
- Immediately know which devices interacting with their site have damaged other insurers by leveraging more than 25 million contributed fraud reports in iovation’s global device intelligence network
Post Magazine specifically awarded iovation because of how Gocompare.com recently began utilizing its fraud prevention solution to become the first UK aggregator to implement a point-of-quote fraud, and misuse detection and prevention capability. Since this anti-fraud service launched earlier this year, Gocompare.com has detected and blocked a significant volume of instances of known or suspected insurance fraud, or other high risk and suspicious activity with the iovation-powered solution. Because iovation’s solution works in the background, it presents no additional friction for good customers.
Post Magazine recently awarded Gocompare.com’s iovation-powered solution as its “Combatting Fraud—Broking Initiative of the Year" at its Insurance Fraud Awards. Last year, iovation was named the “Claims Technology Partner of the Year” in Post Magazine’s Insurance Fraud Awards.