Everyone agrees that more and better data is essential to identifying and reducing the high levels of customer data manipulation and misrepresentation that is Underwriting Fraud. But the industries’ track record for using third party data is spotty at best. This is because carriers are taking too narrow a view of ‘data’.
It turns out that there is far more information available in customer and other data that can be used to identify possible fraud. In fact there are four sources of information that can point towards fraud:
Customer sourced data = the information they provide to carriers.
Third party sourced data – purchased data and industry data sources (like CLU).
The customer’s shopping behavior – how many quotes? What variables changed?
The customer’s response when you ask