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Finding the right strategy to reduce insurance fraud

Finding the right strategy to reduce insurance fraud

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A few app pioneers have entered the marketplace for on-demand insurance in the past few years. Whether insuring cars, gadgets, homes or travel, these startups all promise swift and fuss-free protection.

But in the race to digitise and meet customer expectations, some of these new brands have struggled when it comes to managing risks. The challenge for digital insurers is to speed up and improve the user experience while simultaneously ensuring they’re not making things easier for fraudsters.

So, as insurers increasingly turn to mobile solutions to remain customer-focused, how can they develop new channels without losing out on security?

The answer is a platform that combines data enrichment with sophisticated analytics, such as RDT’s solution Panorama. Panorama is a customer-facing front-end for RDT’s administration platform Landscape and its centralised rating platform Equator. Apps and websites built with Panorama benefit from the incredible speed and accessibility that today’s consumers seek, but also from huge volumes of data and the latest analytics, leading to solid underwriting and fraud prevention.

When generating quotes, Equator draws on third-party data including geocoding references, electoral information, claims history, and DVLA data. Among others, Equator is connected to Experian, Synectics, MyLicence, HPI, and CUE.

RDT is continually adding new data partners to Equator, ensuring that bad risks can be avoided at point of quote and fraudsters are identified more easily. It is a proven and scalable platform that will help insurers build products that promote user convenience while minimising fraud.

Contact RDT and find out how Equator can help develop your digital business.