Launch of multi-mil­lion pound anti-fraud ini­tia­tive

The Peterborough Evening Telegraph - - Etbusiness Daily -

MA­JOR city in­surer BGL Group has launched a multi-mil­lion pound anti-fraud “point of quote” so­lu­tion, which val­i­dates cus­tomer data across all chan­nels in­clud­ing, for the first time, ag­gre­ga­tion.

To do this, its data hub ac­cesses in­for­ma­tion from a va­ri­ety of sources, and al­lows the group to iden­tify the most ac­cu­rate risk pro­file for ev­ery one of its cus­tomers.

Work­ing in part­ner­ship with data ex­perts such as Call­credit, the ex­tra cus­tomer in­sight will de­liver far more ac­cu­rate pric­ing and help to tackle on­line fraud, which, ac­cord­ing to re­cent ABI re­search, more than half of mo­torists would not rule out com­mit­ting.

This new ini­tia­tive builds on BGL’S ex­ist­ing anti-fraud ca­pa­bil­ity, which in­cludes pre­ven­ta­tive mea­sures, such as card ver­i­fi­ca­tion and for­eign card block­ing.

These mea­sures, in ad­di­tion to post-sale Claims and Un­der­writ­ing Ex­change (CUE) and no claims dis­count check­ing, have al­ready demon­stra­bly re­duced in­sur­ers’ loss ra­tios.

The new “point of quote” data hub so­lu­tion aims to boost this even fur­ther.

Group chief op­er­at­ing of­fi­cer of the BGL Group Matthew Don­ald­son said: “The in­for­ma­tion that our new data hub will de­liver, cou­pled with the anti-fraud in­sight we al­ready have on our 2.4mil­lion cus­tomers, will en­sure that we pro­vide a thor­oughly com­pre­hen­sive view of cus­tomers to our in­surer part­ners.

“Our new so­lu­tion has the abil­ity to ver­ify con­sumer in­for­ma­tion across mul­ti­ple data sources.

“As fraud­sters are con­stantly find­ing new ways to tar­get the in­sur­ance in­dus­try, our new anti-fraud ini­tia­tive is the start of a col­lab­o­ra­tive ap­proach to combat this, through on­go­ing joint in­no­va­tion with our in­sur­ers.”

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