From opportunistic claims to organized criminal gangs, insurers have their work cut out when it comes to identifying fraudsters. Especially with new types of fraud emerging all the time.
The issue of insurance fraud
Identifying insurance fraud has always been a tricky business, not least because it takes so many forms – all the way from application fraud right up to staging an accident. To complicate matters further, third party identity fraud in the insurance industry is increasing dramatically, with more and more criminals attempting to take out policies in somebody else’s name. Insurers find themselves guarding against problems they’ve never faced before, all while trying to provide a great consumer experience in a process that can be challenging and stressful.
The risks and challenges of identification in insurance
Tackling all types of insurance fraud isn’t easy. Insurers must be armed with the tools and technologies that can stop fraudsters in their tracks, because failing to do so can have a big cost attached to it. There are a number of factors at play making this tricky to achieve:
By its nature, making an insurance claim is a stressful process. Consumers expect to be able to log on instantly and get their claim underway. This means insurers can’t afford to offer a bumpy customer journey, even if it is a result of enhanced security checking. They need to deliver a friction-free experience, allowing consumers to move through the process seamlessly.
Whether it’s by an established insurance company or a digitally-driven challenger insurer, innovation is great for the consumer – but it poses new risks for fraud identification. In a world where consumers can use their phones to unlock a car, insure it for two hours, and drive off, making sure someone is who they say they are has got to be quick, accurate and reliable. Being able to spot potential fraudsters at the point of registration and throughout any claims process, long or short, is key.
When technology gets more sophisticated, so do fraudsters. As the process of taking out a policy and making a claim becomes digitized, not only can false claims be made using false identities, but robots and scripts can be used to do the fraudsters’ dirty work for them. Meaning insurers need identification software that can sift a bot from a bona fide applicant, as well as catching a claimant who isn’t who they say they are.
Where Callsign helps insurers provide secure service
Insurers are under pressure. They need to provide a smooth consumer experience while staying constantly vigilant against a huge array of fraudulent insurance activities, including identity theft. And they need to do this without hiring an entire army of fraud detection experts. The answer lies in an intelligent solution. Callsign can help insurers tackle insurance fraud in a number of ways:
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Choice Control and Consent
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How Callsign helps insurers
Insurers need to make decisions in real time. As keen as companies are to prevent fraud, this can’t come at the price of a compromised experience for honest customers. Especially as those making insurance claims are typically going through times of stress. That’s why our solution makes identification quick and seamless, creating a friction-free journey for the consumer.
Callsign’s intelligence engine is busy pinpointing potential fraudsters at the point of registration and throughout the claims process. By correlating the factors that play a key role in validating a claim – such as location, device and applicant behavior – Callsign provides real-time identification insurers can trust. Callsign’s engine can also flag applications from bots and keeps false positives to a minimum, protecting insurers against new fraudsters and customer loss alike.
Fraudsters will always find ways to try and game the system, but with the right user identification solution in place, insurers will be well placed to tackle them and get on with helping customers.Find Out About our Packages