Verisk Uses iovation's Device to Fight Policy, Claims Fraud
Staff Writer | July 15, 2015
Verisk Insurance Solutions and iovation announce the launch of the Verisk Device Reputation Service, a tool to help insurers prevent fraud by exposing the reputation of Internet-enabled devices.
The tool uses proprietary iovation technology to help identify devices linked to previous fraudulent activities across a variety of industries, including insurance, finance, retail, gaming, and telecommunications. By using iovation's database of more than 2.5 billion Internet devices and the relationships between them, insurers can better determine the level of risk associated with online insurance transactions.
"As online fraud continues to evolve and more insurance policies are generated through online channels, much can be learned about the customer through the devices used to obtain coverage," says John Cantwell, vice president of auto product development for Verisk Insurance Solutions. "Property & casualty insurance fraud amounts to about $32 billion a year, according to industry estimates from the Insurance Information Institute. As insurance shopping gets easier with more online channels and choices, online criminals have more ways to possibly commit fraud. Adding device-based intelligence to the fraud detection process can help reduce fraud and potentially save insurers millions of dollars."
The Verisk Device Reputation Service examines the hardware used to conduct an insurance transaction, such as a quote or claim report, through the Web or a mobile app. For example, an insurer can learn whether a particular PC, laptop, mobile phone, or tablet is connected to accounts or other devices with known histories of fraud. The resulting device reputation score can help insurers determine policy pricing and applicant integrity.
The service can better detect fraud at the point of initial quote, potentially before any risk is incurred. For example, insurers can verify instantly whether the device used to request a policy quote has ever committed fraud or abuse or if it's connected to a device that has been associated with any type of fraudulent activity - anywhere in the world. It also checks for any device anomalies, attributes, and activity levels that may be risky from an underwriter's perspective.
While used primarily at the point of sale, the technology can help at all stages of the policy cycle, including renewals and claims. It also helps insurers identify their most valuable and trustworthy customers.
"The key to fighting fraud is finding a way to stop the bad guys while providing a frictionless way to let good customers in, and we've accomplished this through our strategic alliance with Verisk Insurance Solutions," said iovation's vice president of global partnerships, Max Anhoury. "We're excited to provide Verisk Insurance Solutions and its clients an extra layer to help secure their business and customers."
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