FTI Consulting, Inc. (NYSE: FCN), a global business advisory firm, and ForMotiv,LLC, a developer of digital behavioural data capture software and services, announced today a global partnership to deliver data capture capabilities and advisory services to insurers and other financial services companies.
Understanding how consumers follow certain patterns of enquiry online, on different deices, is arguably the most important marketing strategy that any insurer or broker can have after Covid-19. Where our eyes go, our money often follows, goes the old SEO saying, which why it makes sense to learn more about consumer behaviour.
ForMotiv is the creator of the first digital behavioral intelligence platform capturing a digital DNA of applicants and web users. FTI Consulting, with over 5,500 employees in 27 countries, advises insurers and other financial services firms on key strategic areas such as risk, compliance, financial crime, investigations and disputes.
The ForMotiv solution provides new insights related to web session data-entry form behaviour not currently available with other software methods. Organisations are using new data on actions such as hesitation, field re-entry, corrections, cut-and-paste, and hover times to improve their predictive models. The combination of this data capture and the financial services industry expertise of FTI Consulting will deliver significant value to insurers, lenders, credit-card issuers and any firm whose price or product availability depends upon obtaining accurate data.
“We are excited to share with our insurance and financial services clients this technology which uses web behaviour to detect the actions of web applicants. The data is undeniable – ForMotiv can capture and deliver in real-time new data to assist companies who need to know if an applicant has submitted incorrect data, either through a mistake or intentional misrepresentation. This will help insurers reduce application fraud and save consumers in the long-run.” said Peter Kelly, a Managing Director in the Global Insurance Services practice at FTI Consulting.
Bill Conners, President of ForMotiv, added, “We have invested a significant amount of time and talent to create a behavioural intelligence platform with the flexibility to meet the varying needs of insurers and other financial services companies. Based on each customer’s objectives, we create a digital snapshot of what both negative and positive behaviours look like. Following on our early success in North America, we are delighted to partner with FTI Consulting, whose industry expertise and global reach make them a best-in-class partner for us.”
Sam Sibley, Head of Partnerships and Alliances for FTI Consulting’s EMEA region, added, “I am delighted that we have built a strategic partnership with ForMotiv that helps drive digital behavioural intelligence innovation to the global market. This alliance is a clear example of how coupling global leading technology with leading vertical knowledge and expertise can deliver significant value and results for organisations who are looking at new ways where they can drive economic and operational value from new sources of data.”