Company presenting at the UK’s leading insurance conference, BIBA 2016
iovation, the provider of device intelligence for authentication and fraud prevention, today announced that it will unveil ways to enable frictionless self-service insurance solutions while reducing fraud costs at BIBA 2016. Tristan Prince of iovation will lead the session entitled “Improving Loss Ratios and Reducing Operational Costs Through Device Reputation” on May 11 at 3:30pm BST. The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organization and will host the annual conference at Manchester Central.
“The shift to digital self-service is underway—and it’s clear from market reports and recent findings that insurers with a line of online products and services will be the most profitable in the future,” said Prince. “While offering greater convenience, the provisioning of online services can also expose insurers to common fraud schemes like ghost broking, quote manipulation, address fronting or ‘crash for cash’ schemes—to name but a few.”
To reduce risk with online and mobile insurance self-service solutions, insurers and brokers are increasingly implementing layered risk and authentication checks across the customer lifecycle. In the session, Prince will discuss ways to use the UK’s leading source of shared device intelligence to understand the risk level associated with individual transactions and thwart fraudsters. Prince will specifically address:
- How a device’s profile and behavior can identify avoidable risk missed by traditional systems
- How iovation has pioneered the use of device based technology at aggregator level
- Ways that iovation’s broker clients have improved loss ratios and justified preferential pricing from their insurance panel members
- Reducing operational costs through the use of device intelligence at point of quote, policy inception and claim
- How device-based authentication techniques to verify a customer’s identity can prevent fraud for brokers and insurance carriers
Through iovation’s fraud prevention service, insurers are able to identify fraud and misuse at point of quote, point of purchase, claim, mid-term adjustment and renewal. The solution determines whether an insurance quote request appears to be fraudulent based on the current and past behavior of a device; such as a smartphone, tablet or laptop. iovation’s insurance clients have detected and blocked a significant volume of instances of known or suspected insurance fraud. The solution has also saved insurers and brokers alike significant resources that have historically been diverted to point-of-sale or even post-sale fraud detection.
For more details about this session and to register, go to https://www.iovation.com/news/events/biba. iovation will also be exhibiting at BIBA 2016 at booth C64 from May 11-12, 2016.
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.