Skip to Content

In the insurance industry, user experience is paramount.

New standards have emerged for easy, instant access to sites and mobile apps. Yet this experience needs to be weighed against the realities of rising fraud, and new regulatory mandates for stronger customer authentication. iovation provides carriers solutions that balance the competing demands of catching fraud, authenticating good customers, and providing outstanding user experience.

Our Fraud Prevention Experience In The Insurance Industry

Types of Insurance companies that use iovation

  • Property & Casualty
  • Life Insurance & Annuity
  • Wealth & Reinsurance
  • Healthcare
  • Insurance Brokers
  • Long-Term Care

Stop Insurance Claims Fraud, Ghost Broking, and Identity Theft – Minus the Friction

Customer authentication and fraud prevention solutions for insurance companies

In each year since 2011, the U.S. insurance industry has written more than $1 trillion in premiums. This enormous trove is an irresistible target for cybercriminals. 

Do you feel like fraudsters find workarounds to every fraud-fighting technique you try? Then you need resources that will evolve with new trends and fraud vectors: smart tools, machine learning, and crowd-sourced intelligence. And as always, this needs to balance with what your policyholders want.

And what do your policyholders want? 

They want secure, easy access to services across all channels at all times. Policy application. Account login. Claim submission. Too much friction at any point, and customers could click over to a competitor offering a smoother experience. Your team’s job is to make it easier for policyholders and harder for fraudsters.

Your challenges:

  • Improving login experience without sacrificing security
  • Authenticating policyholders on any device while stopping account takeover
  • Fighting fraud and abuse in ever-changing vectors
  • Enhancing usability, even as prices and margins decline

The Solution: Focus On Your Customer’s Device Every transaction. Every engagement with your brand. Every attempt at fraud. They all rely on an Internet-enabled device, and iovation knows the reputation of over 5 BILLION devices.

How iovation Detects & Prevents Insurance Fraud

iovation’s Insurance fraud prevention solution uses flexible business rules and advanced machine learning algorithms to stop devices with risky attributes and behavior. 

Patented technology allows us to spot and stop coordinated fraud rings by determining connected devices and accounts that span businesses and industries without need of directly identifying personal information. Our comprehensive network of cybercrime fighting professionals submit device reputation reports that detail the type of fraud or abuse a device is confirmed to have committed such as:

  • Call Center Fraud
  • Claims Fraud
Your Problemiovation Solution
Policy, Quote, Application and Inception Fraud
Criminals use tactics such as address fronting, misrepresentation and synthetic identities to defraud. Fraud rings are particularly difficult to detect and shut down.
Our global network of fraud analysts collaborate and fight these types of fraud by reporting when fraudulent activity has been confirmed. When the same device, or even associated devices reappear in our network, we report its past history of fraud. In addition, our ability to identify high transaction velocities for devices or IP address is effective in fighting these types of fraud.
You Have No Shared Fraud Intelligence Source
A study from Coalition Against Insurance Fraud found that 84% of insurance organisations say fraud cases they investigate involve more than one industry. How can you tap into that intel to stop fraud sooner?
Over 4,000 global fraud professionals use our unique device reputation database to share confirmed fraud and abuse reports with each other. With over 5 Billion devices and 50M incidents reported, this comprehensive database stops fraudsters as they move from business to business.  
Call Center Fraud is Increasing
Fraudsters gather data about policyholders and then combine high-pressure tactics with spoofing technology to socially engineer your agents to take over policyholders’ accounts. 
Multifactor authentication methods in LaunchKey strengthen security both online and offline, without slowing down service. Empowering call center agents to quickly validate callers’ devices before providing service. 
Your Special Investigations Unit (SIU) is Overwhelmed
Fraudulent claims are extremely costly to your business, but your SIU doesn’t have the time to track down every case.
To win against fraud rings, your SIU needs to detect and connect a myriad of dots. We let you know when disparate devices are used to access the same account or sets of accounts or when the same device accesses many different accounts. Connecting the dots between devices and conspirators. Resulting in stronger legal cases, less pay-and-chase, and a more focused SIU.

How to Provide Fast and Secure Access To Your Insurance Customers

The flood of breached credentials over the last decade has made it easier than ever for criminals to take over good customers’ accounts. While insurers work to strengthen their authentication solutions, customers expect the best possible online experience, beginning at login.

Your Problemiovation Solution
Account Takeover is Rising
The risk of ATO drops as you introduce more authentication factors, but the quality of the user’s experience suffers.
Users register their devices with ClearKey, which recognises them in future visits and provides an additional authentication factor. This additional assurance is invisible and frictionless to customers.
Stolen Credentials Are Everywhere
Nearly 9 billion credentials, account details and passwords have been dumped on the dark web in the last 10 years. Password- and knowledge-based authentication systems have been rendered obsolete.
You can no longer rely on single- or even two-factor authentication. With LaunchKey you can layer in multiple authentication options, from transparent and frictionless to interactive and fully integrated. It doesn’t require users’ private information or centralised credential storage.
Customers Are Treated Like Criminals
Every visitor sees the same authentication challenges. As a result, good customers receive the same greeting as potential threats. Risk signals – such as sessions coming through a proxy, or mismatches between the device’s reported and observed geolocation – are ignored.
ClearKey adds an essential dimension of context and risk to the authentication process. It delivers insight on access requests, step-up authentication processes, and device histories. FraudForce reveals even more nuance via the subtle aspects of reputation and risk. The authentication challenge adjusts with the detected threat.
Your Current Tools Miss Risk Signals
Does your policyholder just want to view their policy? What if they want to make a mid-term adjustment or submit a claim? And if they want to change their contact information? Each action represents a different level of risk, but most authentication solutions treat them all the same.
Combine LaunchKey’s interactive, mobile multifactor authentication with ClearKey’s transparent, easy-touse device recognition for dynamic authentication. The result: the right method at the right time, with the right balance of friction and user experience. The builtin intelligence of this solution acts as a decisioning engine that drives step-up activity as needed.
Authorization is Difficult to Manage and Track
New regulatory standards such as the GDPR and PSD2 not only demand strong authentication, they also require authorisation as an explicit and separate function. How do you go from “Is this the right person?” to “Is this person authorised for this request?”
LaunchKey provides built-in authorisation, allowing your customers to respond in real time to specific requests such as “Approve new claim submission?” Or even, “Do you grant permission for this mid-term adjustment?” Allowing you to automate authorisation, improve validation and gain audit-ability

To remain competitive, carriers must balance experience with security. That’s what our products are built to do. 

Want To Know About The Latest Insurance Frauds?

Sign up for our newsletter to get the latest news and information on Insurance fraud.


iovation Advantages

  • Authenticate Anything, Automate Everything
    Identify and authenticate all device types, from phones and PCs to laptops and tablets, regardless of the platform, OS, brand, browser or mobile apps. 
  • iovation’s Global Device Intelligence Platform 
    iovation’s provides a worldwide network that delivers real-time intelligence on 5 Billion devices from every country in the world, including the billions of associations that exist between these devices. It’s the largest database of device intelligence and insight in the industry today.
  • Secure Every Point in the Customer’s Journey 
    iovation’s authentication and fraud prevention solutions can be used at any point along the customer’s online journey, from account creation to purchasing, to assure a user’s identity and combat fraud

Have Question About Our Insurance Authentication & Fraud Protection Solutions?

Related Resources

Ready To Learn More About iovation Insurance Authentication and Fraud Prevention Solutions?

Contact Us Today!