Experian Reveals Identity And Fraud Solutions For The Insurance Sector
Released on: November 09, 2011, 2:56 pm
Experian, a leading global information services company, has
announced its solution to the growing illegal business of insurance
fraud, suggesting that insurers use online tools and data analysis
technology instead of traditional, error-prone methods.
Fraud in the UK is a growing billion-pound illegal business with fraudsters finding
new and inventive ways of targeting weaknesses in data systems. Insurers are far
from immune. Indeed, the latest estimate from the Association of British Insurers is
that insurance fraud costs £2 billion a year, adding, on average, an extra £44 a
year to the insurance bill for every UK policyholder.
Nick Mothershaw, Director of Identity and Fraud at Experian, said: "Over the last
five years insurance fraud has risen fast and deceptions become ever more devious.
It has never been so important for insurers to have the latest techniques and
technologies in their armouries to help protect themselves and their customers."
Online tools enable insurers to investigate individuals under suspicion of fraud in
real time, with access to a range of data sources. The most sophisticated tools
allow access to a comprehensive range of household, motor and personal injury
insurance claims, vehicle information, motor insurance policy details and linked
At Experian, the data, technology and expertise that is offered has helped many
insurers become more sophisticated in how they combat fraud. They increasingly
require robust tools to verify the identities of those they are dealing with as well
as strong anti-fraud measures at the point of application and claim.
Traditional methods of identity checking can be time-consuming, costly, error prone
and an inconvenience to customers, often resulting in a drop-off. Also, the results
generated are not standardised, so insurers can't compare like with like and get
the complete picture. Thus, this process takes time and leads to inconsistent
Experian's Identity Solutions for Insurance offers bank account verification in real-time at point of
quote, sign-up and claim. The Identity Solutions also allow insurers to pick and
choose what elements they want to check, combine the results and see the complete
picture of a client's identity.
Investigating customers who represent a potential for fraud is time-consuming and
complex. By accurately assessing risk at the earliest opportunity Experian's fraud
solutions for Insurance identify fraud at the point of policy. The fraud solutions
can also help identify fraud networks within the current customer base, and help
-False Payment Details
-Use of stolen identity to obtain policy
-Use of stolen/forged documents
-Undisclosed Claims/ Convictions/Voidance
The fraud prevention solutions support a continuous cycle of fraud prevention,
detection, investigation and improvement. An audit log of all significant actions
performed by both system and users is kept, making it easier to ensure best practice
and reduce any misuse of the system.
Experian's Payment Solutions can also help insurers realise the competitive
differential of using Faster Payments for claims payments and can identify if a
claimant's bank account genuinely belongs to them and is able to receive a faster
Experian is the leading global information services company, providing data and
analytical tools to clients in more than 80 countries. The company helps businesses
with credit risk management, fraud prevention, target
marketing offers and automate decision making
Experian also helps individuals to check their credit report and credit score, and
offers Identity Authenticate to
protect against identity theft. Experian plc is listed on the London Stock Exchange
(EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended
31 March 2011 was US$4.2 billion.
80 Victoria Street
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