HomeNews & IdeasPerspectivesThe keys to fighting consumer insurance fraud

The keys to fighting consumer insurance fraud

Solutions need to have the following attributes:

Transactional Immediacy:  Regardless of whether the transaction is  quote/application, endorsement, billing or claim, the analytics and intervention must be immediate, ideally  within the  few minutes  of  the  transaction  session  whether  it  be  online,  on  the phone or  via  an  Agent portal.  Failing to address the issue immediately at the point of the transaction is to lose the opportunity until the next transaction.

Specificity: Any intervention must be to address a specific, fact based issue. Without specificity, the intervention simply irritates customers and increases abandonment. With specificity, carriers get both high levels of deterrence: fraudsters realize the carrier is on to their game and the ability to rescue customers that  have become confused by the process, getting them back on the path to coverage. This is critical because the fundamental nature of fraud detection means there almost always are more ‘false positives’ and ‘true positives’ so sorting between them on the specific issue is critical to maximizing channel yield.

Intelligence/Engagement: Customers quickly discover if a process is ‘serious’ or if it is just ‘box ticking’. It’s essential that any information of documentation (images, documents, additional data) trigger the appropriate response ‘as if’ a traditional, conscientious agent was doing the questioning/request. Simply asking for a document or images of the vehicle without applying quality control/intelligence will lead to high levels of spurious and flippant responses and increased customer dissatisfaction “why are they wasting my time? they don’t even look at this stuff”.


Leave a Reply

Your email address will not be published. Required fields are marked *

Let us show you just how much faster and better auto and homeowners insurance underwriting can be.
Experience a live customized demo, get answers to your specific questions, and find out why IdFusion is the right choice for your organization.
Please enable JavaScript in your browser to complete this form.
Stay in touch
Sign up for VeracityID emails to be the first to see new content and news.