SOURCE: iovation

iovation

iovation

October 20, 2015 03:00 ET

Gocompare.com's iovation-Powered Solution Named Insurance Fraud Fighting Initiative of the Year

Device-Based Point-of-Quote Fraud Detection and Prevention Service Receives Award From Post Magazine, One of the Longest-Standing Insurance Publications in the World

PORTLAND, OR and NEWPORT, UNITED KINGDOM--(Marketwired - Oct 20, 2015) - iovation, the digital reputation authority, today announced that insurance aggregator Gocompare.com recently received an award from Post Magazine for its point-of-quote fraud detection and prevention service that utilizes iovation technology. Post Magazine recognized the service as the "Combatting Fraud -- Broking Initiative of the Year" at its Insurance Fraud Awards. Judges from Post Magazine, a UK-based insurance publication founded in 1840, and some of the world's most recognized insurance anti-fraud professionals, selected the iovation-Gocompare.com service.

"By becoming the first UK aggregator to implement a point-of-quote fraud and misuse detection and prevention capability, we could save insurers significant resources that have historically been diverted to point-of-sale or even post-sale fraud detection," said Jon Morrell, chief executive officer at Gocompare.com. "Recognition by some of the insurance industry's most respected peers is validation of how valuable aggregator involvement in combatting fraud can be for insurers."

The Gocompare.com service identifies fraud and misuse for insurers through iovation's risk solution -- which determines whether an insurance quote request appears to be fraudulent based on the current and past behaviour of a device; like a smartphone, tablet or laptop. By doing so, insurers benefit from the intelligence gathered from iovation's global device reputation database, which is the world's largest, and the vast number of quotes generated by Gocompare.com every day. Since this anti-fraud service launched earlier this year, Gocompare.com has detected and blocked a significant volume of instances of known or suspected insurance fraud, or other high risk and suspicious activity with the iovation-powered solution.

"Fraudsters will manipulate customer and vehicle data to avoid discovery or use stolen or incorrect credentials to gain policies. By Gocompare.com adding device detection to its existing anti-fraud offerings, it makes this significantly harder for the criminals and significantly easier for insurers to protect themselves," said iovation's Business Development Manager for Insurance, Tristan Prince. "We're honored that iovation has been recognised again by Post Magazine's awards for its role in stopping insurance fraud."

Last year, iovation was named the Claims Technology Partner of the Year in Post Magazine's Insurance Fraud Awards. Gocompare.com received this year's award in a ceremony in early October in London.

About iovation
iovation protects online businesses and their end users against fraud and abuse, and identifies trustworthy customers through a combination of advanced device identification, shared device reputation, device-based authentication and real-time risk evaluation. More than 3,000 fraud managers representing global retail, financial services, insurance, social network, gaming and other companies leverage iovation's database of billions of Internet devices and the relationships between them to determine the level of risk associated with online transactions. The company's device reputation database is the world's largest, used to protect 12 million transactions and stop an average of 250,000 fraudulent activities every day. The world's foremost fraud experts share intelligence, cybercrime tips and online fraud prevention techniques in iovation's Fraud Force Community, an exclusive virtual crime-fighting network. For more information, visit iovation.com.

About Gocompare.com
Gocompare.com is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs. Gocompare.com does not charge consumers to use its services, and it does not accept advertising or sponsored listings, so all product comparisons are unbiased. Gocompare.com makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site. Gocompare.com does not sell its customers' data.

When it launched in 2006, it was the first comparison site to focus on displaying policy details, rather than just listing prices, with the aim of helping consumers to make better-informed decisions when buying their insurance. Gocompare.com has remained dedicated to helping people choose the most appropriate products rather than just the cheapest and has teamed up with Defaqto, the independent financial researcher, to integrate additional product information into a number of its insurance comparison services, allowing its customers to compare up to an extra 30 features of cover.

Gocompare.com Ltd became a member of esure group of companies on 31 March 2015. Esure launched as a brand in 2001 and added Sheilas' Wheels in 2005. It is one of the UK's largest personal lines insurance businesses. Gocompare.com is based in Newport, South Wales.

Gocompare.com is the only price comparison site to be invited to join the British Insurance Brokers' Association (BIBA) and is authorised and regulated by the Financial Conduct Authority (FCA). 

Contact Information