SOURCE: iovation

iovation

May 04, 2016 13:25 ET

iovation Named "Service Provider of the Year" for Insurance Claims Fraud Detection

Modern Claims Award Judges Recognize iovation for Detecting Organized Fraud, Policy Manipulation, Ghost Broking and Claims Fraud

PORTLAND, OR--(Marketwired - May 4, 2016) -  iovation, the provider of device intelligence for authentication and fraud prevention, today announced that it has been named the "Service Provider of the Year" in the Modern Claims Awards 2016. A panel of judges, representing every aspect of the claims industry, selected iovation for its commitment to the industry and for its technology which helps European insurers stop fraud at the point of quote and beyond. iovation protects a rapidly growing number of European insurance clients, including many of the largest insurers in the United Kingdom. These insurers collaborate through iovation's Fraud Force Community and in-person user groups to collaborate about the latest schemes and strategies to stop them.

"This award highlights our unique contribution to the UK Insurance marketplace and our ability to stop fraudsters in their tracks before they have a chance to begin a fraudulent insurance claim," said Tristan Prince, European Business Development Manager at iovation. "We pride ourselves on the community of insurers now actively using iovation and sharing device insight, intelligence and evidence to prevent fraudulent claimants from even getting onto their books."

The majority of anti-fraud measures have relied on point-of-sale or even post-sale fraud detection, leaving insurers and brokers vulnerable to fraud losses. By leveraging iovation's intelligence on billions of internet devices, insurers are able to identify fraud and misuse at point of quote, point of purchase, claim, mid-term adjustment and renewal. Recognizing these capabilities, Modern Claims has selected iovation for:

  • Consistently improving efficiencies and reducing costs for all parties
  • Demonstrating innovation in bringing to market new service offerings
  • Delivering high standards of service and support to clients

Modern Claims specifically awarded iovation for its work in implementing device-based technology at the point of quote with a major aggregator, Gocompare.com. iovation's fraud prevention solution is allowing insurers and brokers to implement a point-of-quote fraud, misuse, detection and prevention capability. By utilizing the intelligence gleaned at point of claim and through other investigations, iovation and Gocompare.com helps insurers and brokers prevent future fraudulent and high-risk claims.

Modern Claims recognized iovation and other winning companies during an awards ceremony held at New Dock Hall in Leeds, England. To learn more about the other awards won by iovation, go to https://www.iovation.com/news/awards.

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 3,500 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 15 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.

Contact Information

  • CONTACTS:
    iovation Inc.
    Connie Gougler
    503-943-6748
    Email Contact