Launch of multi-million pound anti-fraud initiative
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.”