Fraud prevention in the auto-insurance.
Global Experian Solution for fraud prevention. Implements complicated cross-checking algorithms for identifying data mismatch and inconsistencies in applications for certificates of insurance and claims to compensation for losses under CASCO/CMTPL (Compulsory Motor Third Party Liability).
Predominately checking against current and previous applications to identify multiply applications from the same applicant and by cross-checking against known fraud and suspect information.
Entire life cycle of the CASCO certificate is kept up as:
- Quote – certificate issuance;
- Subsequent quote - additional agreements under the certificate;
- Loss – an insurance case, compensation for losses.
Special rules were set up in the system to identify fraud risks at each stage. As part of the response a service participant receives the information on the worked out rules and comprehensive assessment in scoring for a fraud risks.
The service allows you to achieve the following objectives:
- Refusal to work with "questionable" clients (identify high-risk clients and revise financial arrangements with them)
- Adjustment of the insurance premium (reduce premium for "non-questionable" clients and revaluate it for "risk-related" clients has a positive effect on the portfolio quality);
- Reduction of payment amounts (identify additional information on high-risk applicants, vehicles, and etc., with a view to waiver);
- Prioritization of work on the basis of risk indicators (use risk indicators focuses efforts on applications requiring additional processing);
- Processes automation (reduce costs by decreasing the quantity of applications requiring manual processing).
Advantages of the service:
- Unique solution that has no equivalents in the Russian market;
- Online or batch processing;
- Basic functionality of the local solution on the company data in addition to the national search;
- Full-fledged retro testing;
- Score for fast clients’ segmentation;
