Enhanced Risk Assessment for Policy Applications and Claims
Did You Know?Nearly $80 billion in fraudulent insurance claims are made each year in the U.S. Download Q4 2016 Cybercrime Report
Insurers use ThreatMetrix to verify that policy applicants are who they claim to be at the point of sale. This accelerates the underwriting process and stops fraudsters at the front door.
As data breaches become more prevalent, insurers are under greater pressure to prevent fraudulent policy applications and ghost broker activity. Speed to quote also puts the onus on underwriters to have access to the best possible data sources, but integration challenges can often hamper operational efficiency.
ThreatMetrix looks beyond device data. We integrate location, identity, behavior and threat intelligence with internal data sources for a holistic view of the customer for better risk decisioning.
See Beyond the Policy Application to the Verify The Digital Identity of Online Guests
We now live in a “post beach” world where digital identities have been compromised on a massive scale. The reality insurance carriers face is that user IDs, passwords and other personally identifiable information (PII) is widely available to cybercriminals who use stolen identities to create bogus accounts and policies. Many realize that passwords and other static identity checks are near-useless.
ThreatMetrix had all the capabilities of our previous device-ID solution, but with the additional digital identity intelligence. It was a no-brainer to switch.- Josh Barnsdale, One Call Insurance
Enable Your Independent Network of Brokers and Agents to Deliver Increased Business Efficiency and Sales
When customers or brokers request a policy quote, the speed and accuracy of the underwriting process can make the difference between won and lost business. Insurance carriers need to verify the person requesting the quote is legitimate. They also need a single view of the customer combining multiple data points. They need a system for end-to-end authentication, identity verification and fraud detection for better risk decisioning.
ThreatMetrix provides us with the data, insights and visibility we need in order to make instant, informed risk and underwriting decisions.- WePay Online Payment Solutions
Stop Cybercriminals and Deliver Enhanced Experience for Trusted Consumers
Customers demand security, but they also want minimal friction. The reality is that greeting customers with step-up authentication leads to fewer transactions and more defections to competitors. Device, location, identity and threat intelligence help authenticate the guest in real time. Behavior intelligence can define patterns of normal behavior, and ultimately identify behaviors that deviate from the norm, which can then be flagged as high-risk.
ThreatMetrix allowed us to have bespoke, risk-based authentication. We continue to improve the online experience for valued customers while removing unnecessary friction.- Evgeny Vinogradov, Head of Data Warehousing & Analytics, Yandex.Money
Detect Attacks from Bots, Compromised Devices, and Masked Machines
Newer low and slow bot attacks that resemble valid customer login behavior can often bypass traditional security defenses such as Web Application Firewalls (WAF). The problem is that WAFs were designed to prevent attacks against Web services – not those on customer identity. This vulnerability exposes companies to increased fraud losses, customer attrition due to lack of trust, insult due to false positives and ultimately a loss in shareholder value and brand equity.
Clearly, as consumers shift to mobile, cyber-crooks are beginning to shift along with them. The emergence of automated attacks targeting cross-border transactions will only exacerbate matters.- Alisdair Faulkner, Chief Product Officer, ThreatMetrix
ThreatMetrix ensures that policyholders, brokers and field agents connecting to insurance systems over the Internet are legitimate. For instance, we help detect fraud rings and ghost broker networks who file “crash for cash” claims or purchase policies from legitimate insurers using fabricated details and then resell the policy to unsuspecting buyers.
With the rise of insuretech driving customer expectations for smooth, fast service insurers need a complete view of the customer in real time. ThreatMetrix Integration Hub unites our global digital identity intelligence with internal data sources to provide “plug and play” authentication and identity verification services for policy applications.
As data breaches proliferate, cybercriminals freely buy and trade identity information and then use it for account takeover. This can have devastating impacts on your customers, business and brand. ThreatMetrix detects threats and risky behaviors in real time to identify and stop fraudsters without impeding legitimate customers.
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