SOURCE: iovation

iovation

November 24, 2015 13:18 ET

iovation Named UK Insurance Provider Partner of the Year

Post Magazine Recognizes Fraud Prevention Firm iovation for Positive Impact Detecting Policy and Claims Fraud

PORTLAND, OR and LONDON, UNITED KINGDOM--(Marketwired - Nov 24, 2015) - iovation, the provider of device intelligence for authentication and fraud prevention, has been named the 2015 "Outsourced Partner of the Year" in Post Magazine's Data, Analytics and Technology Awards for Insurance. Judges from Post Magazine, a UK-based insurance publication founded in 1840, plus many of Europe's most recognized insurance anti-fraud professionals, selected iovation based on the positive impact its device-based fraud prevention solutions have had on UK insurance providers.

"Online fraud is no longer perpetrated by the 'lone wolf,' it's carried out by highly sophisticated organized gangs who are constantly coming up with new ways to perpetrate their schemes," said iovation's Business Development Manager for Insurance, Tristan Prince. "It's essential that insurance providers have a unified front to fighting fraud just like the bad guys have with their activities. I'm honored that iovation has been recognized for helping make this happen."

With iovation, insurers are able to identify fraud and misuse at point-of-quote, point-of-purchase, claim, mid-term adjustment and renewal. The company's device-based services specifically help them:

  • Stop fraud risks by linking fraudulent claims together
  • Quickly uncover organized gangs of criminals working in collusion
  • Prevent ghost brokering, crash for cash schemes and quote manipulation
  • Immediately know which devices interacting with their site have damaged other insurers by leveraging more than 25 million contributed fraud reports in iovation's global device intelligence network

Post Magazine specifically awarded iovation because of how Gocompare.com recently began utilizing its fraud prevention solution to become the first UK aggregator to implement a point-of-quote fraud, and misuse detection and prevention capability. 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. Because iovation's solution works in the background, it presents no additional friction for good customers.

Post Magazine recently awarded Gocompare.com's iovation-powered solution as its "Combatting Fraud--Broking Initiative of the Year" at its Insurance Fraud Awards. Last year, iovation was named the "Claims Technology Partner of the Year" in Post Magazine's Insurance Fraud 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 3,000 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 13 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.

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