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idQuoteMonitor™

Real Time Quote Monitoring & Fraud Detection

What is idQuoteMonitor? 

Studies by leading entities like Verisk/QPC, PWC, the Coalition Against Insurance Fraud and VeracityID’s own experience show that rate evasion and fraud costs the auto insurance industry, on average, 15-20% of NPW every year. idQuoteMonitor enables carriers to detect and prevent rate evasion during live application processes by monitoring anomalies in application data and unexpected changes in and between quotes, policies, claims and other information acquired during the application and/or endorsement process.

Why do I need idQuoteMonitor to manage quote manipulation? 

10-15%+ of a typical carrier’s quote volume is from persons who submit multiple quotes – over hours, days, weeks and even months. And many of those quotes include modifications to rating data – .e.g., listed drivers, addresses, coverage types, number of vehicles covered, demographic data and more – that either obscure applicant key information in anticipation of a future claims fraud attempt, or more commonly to search for better pricing.

Customers and agents often reveal rate manipulation intent to carriers who know how to look for it – in quotes, endorsement, third-party data, billing and claims activity. Most such persons know what they are doing and take steps to obfuscate their efforts – with swapped primary drivers, subtle changes in applicant and listed driver names, modified addresses, etc. and other ways to ‘game’ carrier origination systems. idQuoteMonitor applies a cutting edge detection tools to unmask these manipulations during live transactions – and engages the suspicious applicant in a virtual dialog to signal awareness of the deception, allow them an opportunity to remediate their action if it is an honest error (e.g., via a driver exclusion or other correction to rating data), or prevent issuance if concerns cannot be mitigated.

Benefits

Why do I need idQuoteMonitor to manage quote manipulation? 

10-15%+ of a typical carrier’s quote volume is from persons who submit multiple quotes – over hours, days, weeks and even months. And many of those quotes include modifications to rating data – .e.g., listed drivers, addresses, coverage types, number of vehicles covered, demographic data and more – that either obscure applicant key information in anticipation of a future claims fraud attempt, or more commonly to search for better pricing.

Customers and agents often reveal rate manipulation intent to carriers who know how to look for it – in quotes, endorsement, third-party data, billing and claims activity. Most such persons know what they are doing and take steps to obfuscate their efforts – with swapped primary drivers, subtle changes in applicant and listed driver names, modified addresses, etc. and other ways to ‘game’ carrier origination systems. idQuoteMonitor applies a cutting edge detection tools to unmask these manipulations during live transactions – and engages the suspicious applicant in a virtual dialog to signal awareness of the deception, allow them an opportunity to remediate their action if it is an honest error (e.g., via a driver exclusion or other correction to rating data), or prevent issuance if concerns cannot be mitigated.

Case Example

VeracityID Helped a Major Auto Carrier Reduce “Undisclosed Driver”Rate Manipulation – Reducing Rate Leakage
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