Experian Reveals Identity and Fraud Solutions for the Insurance Sector
LONDON, November 9, 2011 /PRNewswire/ –
Experian, a leading global information services company, has announced
its solution to the growing illegal business of insurance fraud, suggesting
that insurers use online tools and data analysis technology instead of
traditional, error-prone methods.
Fraud in the UK is a growing billion-pound illegal business with
fraudsters finding new and inventive ways of targeting weaknesses in data
systems. Insurers are far from immune. Indeed, the latest estimate from the
Association of British Insurers is that insurance fraud costs GBP2 billion a
year, adding, on average, an extra GBP44 a year to the insurance bill for
every UK policyholder.
Nick Mothershaw, Director of Identity and Fraud at Experian, said: “Over
the last five years insurance fraud has risen fast and deceptions become
ever more devious. It has never been so important for insurers to have the
latest techniques and technologies in their armouries to help protect
themselves and their customers.”
Online tools enable insurers to investigate individuals under suspicion
of fraud in real time, with access to a range of data sources. The most
sophisticated tools allow access to a comprehensive range of household,
motor and personal injury insurance claims, vehicle information, motor
insurance policy details and linked addresses.
At Experian, the data, technology and expertise that is offered has
helped many insurers become more sophisticated in how they combat fraud.
They increasingly require robust tools to verify the identities of those
they are dealing with as well as strong anti-fraud measures at the point of
application and claim.
Traditional methods of identity checking can be time-consuming, costly,
error prone and an inconvenience to customers, often resulting in a
drop-off. Also, the results generated are not standardised, so insurers
can’t compare like with like and get the complete picture. Thus, this
process takes time and leads to inconsistent decisions.
Experian’s Identity Solutions for Insurance offers bank account
verification [http://www.experian.co.uk/payments/home-page/index.html ] in
real-time at point of quote, sign-up and claim. The Identity Solutions also
allow insurers to pick and choose what elements they want to check, combine
the results and see the complete picture of a client’s identity.
Investigating customers who represent a potential for fraud is
time-consuming and complex. By accurately assessing risk at the earliest
opportunity Experian’s fraud solutions for Insurance identify fraud at the
point of policy. The fraud solutions can also help identify fraud networks
within the current customer base, and help identify:
-False Payment Details
-Use of stolen identity to obtain policy
-Use of stolen/forged documents
-Undisclosed Claims/ Convictions/Voidance
The fraud prevention solutions support a continuous cycle of fraud
prevention, detection, investigation and improvement. An audit log of all
significant actions performed by both system and users is kept, making it
easier to ensure best practice and reduce any misuse of the system.
Experian’s Payment Solutions can also help insurers realise the
competitive differential of using Faster Payments for claims payments and
can identify if a claimant’s bank account genuinely belongs to them and is
able to receive a faster payment.
Experian is the leading global information services company, providing
data and analytical tools to clients in more than 80 countries. The company
helps businesses with credit risk management, fraud prevention
[http://www.experian.co.uk/business-services/fraud-prevention.html ], target
marketing offers and automate decision making
Experian also helps individuals to check their credit report and credit
score, and offers Identity Authenticate
to protect against identity theft. Experian plc is listed on the London
Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total
revenue for the year ended 31 March 2011 was US$4.2 billion.
PR Contact: Bruno Rost Experian Cardinal Place 6th Floor 80 Victoria Street London SW1E 5JL +44(0)7967567012 http://www.experian.co.uk