Fraud Screening

Fraud is a major issue for the insurance industry when delivering products online, direct to the consumer. And it can be a bigger problem for certain classes of online product.

Fraud risk detection has become an essential part of the process in the delivery of many online insurance products. Such products as automotive insurance, property insurance, health insurance and life insurance are all affected by fraud. According to latest research, insurance firms believe fraudulent claims are rising dramatically.

The important question is: “Can these fraud risks be detected and prevented at the stage a policy is first requested?” Of course, all insurance products incorporate a set of rules that define the risks that are acceptable for cover, and identify the policy rating factors and associated rates that generate the premium. However, online fraud presents a very specific risk that requires a specialist screening process. Advance detection is a largely subjective exercise. But, in the large majority of cases, it is possible to detect the fraud risk at this stage.

Fraud increases the loss ratio, and can harm your brand and reputation. The establishment of an effective fraud detection mechanism is often key to remaining competitive in the online market. We can provide a robust solution that protects your online business.

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