SOURCE: iovation

iovation

May 05, 2016 03:15 ET

iovation to Unveil How Device Intelligence Protects Online Insurance Self-Service Solutions from Fraud

Company Presenting at the UK's Leading Insurance Conference, BIBA 2016

PORTLAND, OR and MANCHESTER, UK--(Marketwired - May 5, 2016) - iovation, the provider of device intelligence for authentication and fraud prevention, today announced that it will unveil ways to enable frictionless self-service insurance solutions while reducing fraud costs at BIBA 2016. Tristan Prince of iovation will lead the session entitled "Improving Loss Ratios and Reducing Operational Costs Through Device Reputation" on May 11 at 3:30pm BST. The British Insurance Brokers' Association (BIBA) is the UK's leading general insurance intermediary organization and will host the annual conference at Manchester Central.

"The shift to digital self-service is underway -- and it's clear from market reports and recent findings that insurers with a line of online products and services will be the most profitable in the future," said Prince. "While offering greater convenience, the provisioning of online services can also expose insurers to common fraud schemes like ghost broking, quote manipulation, address fronting or 'crash for cash' schemes -- to name but a few."

To reduce risk with online and mobile insurance self-service solutions, insurers and brokers are increasingly implementing layered risk and authentication checks across the customer lifecycle. In the session, Prince will discuss ways to use the UK's leading source of shared device intelligence to understand the risk level associated with individual transactions and thwart fraudsters. Prince will specifically address:

  • How a device's profile and behavior can identify avoidable risk missed by traditional systems
  • How iovation has pioneered the use of device based technology at aggregator level
  • Ways that iovation's broker clients have improved loss ratios and justified preferential pricing from their insurance panel members
  • Reducing operational costs through the use of device intelligence at point of quote, policy inception and claim
  • How device-based authentication techniques to verify a customer's identity can prevent fraud for brokers and insurance carriers

Through iovation's fraud prevention service, insurers are able to identify fraud and misuse at point of quote, point of purchase, claim, mid-term adjustment and renewal. The solution determines whether an insurance quote request appears to be fraudulent based on the current and past behavior of a device; such as a smartphone, tablet or laptop. iovation's insurance clients have detected and blocked a significant volume of instances of known or suspected insurance fraud. The solution has also saved insurers and brokers alike significant resources that have historically been diverted to point-of-sale or even post-sale fraud detection.

For more details about this session and to register, go to https://www.iovation.com/news/events/biba. iovation will also be exhibiting at BIBA 2016 at booth C64 from May 11-12, 2016.

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