Those ghost brokers, chancers and general insurance fraudsters are all out there, and one way to spot them is by checking the email address they’re using to login before trying to get quoted happy.
So, instant email address validation at point of quote (POQ) is set to help build the insurance sector’s resilience to application fraud, as concerns mount over a potential rise in ID fraud as an outcome of the COVID-19 pandemic. Application fraud is usually done with the intent of selling policies on or setting up false insurance policies, leading to fraudulent claims. LexisNexis® Risk Solutions, a leading data, analytics and technology provider, has already applied its technology and expertise to tackle ID fraud in the banking sector and sees significant opportunities to benefit the insurance market.
- Email address validation solution flags ID fraud risk
- Instant validation at point of quote based on billions of online transactions
- Streamlines quote process, frees up resource, assists with inception of fraudulent policies
LexisNexis® Emailage® Rapid is a powerful fraud risk scoring solution based on the email address and other personal information provided during the application process.
Built on billions of transactions from global payment processors and other online industries, LexisNexis Emailage® Rapid gives insurance providers an instant risk score helping to verify an individual’s ID through email address information. The score will indicate whether the ID used for the insurance application could be fraudulent.
Emailage looks at the email address and the digital footprint that goes with it, based on how it has been used online, including its history.
Today, email is a unique global identifier that unlocks digital engagement and transactions in every industry because it is one of the most commonly used components of an online transaction.
As well as automatically validating quotes, this fraud risk score can help inform pricing and underwriting decisions when used alongside a wide range of data enrichment datasets including publicly available data, policy history data, property, environmental and prior claims data. This data is fed direct into insurer and broker software systems from one access point – the LexisNexis® Informed Quotes platform.
James Burton, senior director of insurance product management for U.K. and Ireland, LexisNexis Risk Solutions, said: “Insurance providers have to strike a balance between offering a streamlined application experience to the customer with robust fraud detection and prevention capabilities. Manual checks post-quote can lead to customer friction and are limited by both time and the data resources available. LexisNexis® Emailage® Rapid will help prevent insurance providers writing business that is potentially fraudulent and protect individuals from having their identity compromised while helping to ensure a swift and smooth on-boarding process.”