It’s well understood that fraud is common in p&c insurance and that the best time to stop a fraudster is before he gets a policy.
But it is very difficult to predict who will commit fraud given the legally allowed rating and contact information. And every additional question or request increases the abandon rate.
What has been needed is a predictive fraud score so that high risk customers can be identified and given more scrutiny while rapidly processing the low risk ones with no friction whatsoever.
Using AI Machine Learning VeracityID has built an effective predictive fraud scoring model.
1. Identify and focus on high risk customers while speeding lower risk customers through the process
2. Efficiently penetrate high risk geographies or segments to find the low risk customers.
3. Reduce the excess risk incurred when entering new markets or channels.
Fraud is the great wildcard for rating. By screening for those at high risk carriers can be much more effective and precise in assessing the true risks of a given customer.
IdResolve let’s you deal with the exceptions effuciently.
To be effective the high risk customers idd by the model must be