A common underwriting fraud tactic in both Home and Auto insurance is to manipulate auto and home asset details at POS to secure a lower rate. Policyholders and agents misrepresent the type or condition of a vehicle, such as ‘forgetting’ to mention pre-existing damage. Similarly, homeowners ‘forget’ to mention that the security system they claimed hasn’t worked in years, resulting in lower premiums than are justified by the risk.
VeracityID detects and eliminates these cheats by detecting suspicious asset risks and deploying mobile applets to policyholder devices that securely capture and validate asset details before the policy in the transaction. Without requiring costly, time-consuming core system changes
