Insurance

Reduce fraud incidence, lower cost of acquisition and show regulators your controlling premium increases by ensuring good customers are not penalised by the bad.

Insurance | Markets
Insurance Fraud Prevention

What is it

Insurance products sold by financial services companies to safeguard property against the risk of loss, damage or theft. Changes are underway in the insurance sector which might be evolution, arguably even revolution. Increased scrutiny and regulation drive change in the insurance sector. Also, traditional insurance products face disruption from new innovative insuretech companies which better harness technology. Meanwhile, the villains continue to plague the sector through scams and fraud. These factors make it very interesting and challenging for the established insurance companies.

How it works

With so many different types of insurance, the insurance field is complex. Typically, an application or transaction involves many parties. This complexity entails many customer touchpoints. The law obliges people to take out some types of insurance. Other forms of insurance may be a condition of a contract. Of course, other insurance products are purchased out of choice, to bring peace of mind to a situation of perceived risk. The economics of insurance are also changing. Insurance premiums continue to increase, driven by increased levels of claims and lower margins for insurers.

Why simplifying safe commerce matters

Modern day insurance purchasers expect a smooth, easy journey and competitive offers.  They also expect to be treated like customers, even VIP’s when they have a claim, not like villains or fraudsters. At the same time, pressure from many angles shapes the insurance product market. Demands to safeguard people from data breach, the increasing levels of insurance claim fraud and millennials expecting easier purchase processes pose challenges for insurance providers.

Meeting the needs of Insurance 

Lifecycle management

Identify potential fraudulent activity at any point in the lifecycle of an insurance customer.

Reduce downstream costs with enrichment

Costs associated with fraud investigation for claims are reduced by moving fraud detection further up the process at insurance quote and point of sale stages. This is possible thanks to intelligent enrichment systems.

Global Consortium

Take advantage of our global consortium to share insight whilst also benefitting from insight gathered from alternative industries. The wider lens will enrich the decisions you make. Providing a neural net and ability to link activity.

Data agnostic

The TruNarrative App store makes it easy to purchase logical data enrichment products, that contribute to you making cost-effective decisions about who to insure and how best to price insurance cover.

Intelligent Machine Learning

Price appropriately and spot fraud attempts early in the application process, thanks to TruNarrative machine learning which enables you to create your optimal configuration, updating in real-time as the world changes.

Software-as-a-service approach

We are agile and scale quickly with your business. You can connect the service swiftly, so you’ll see quick returns. Rule changes comes via configuration not coded, meaning you always stay a step ahead without waiting on your IT team or costly third-party consultants

User-friendly case management

The system shows everything in one place. The unified platform allows you to effectively prioritise and manage those high-value orders to meet the demands of your customers.

The ideal configuration for Insurance

ID Verification

ID Verification

ID Verification using the TruNarrative platform is better, faster, global and more reliable to help increase efficiency.

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Application Fraud

TruNarrative prevents application fraud by creating the perfect balance between traditional methods of detection and the latest techniques. 

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KYC

KYC

TruNarrative have combined smooth workflow with robust data services and efficient case management to help you tackle KYC challenges head on.

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Transaction Fraud

Transaction Fraud

TruNarrative combines rules, data, machine learning and human intuition to prevent fraud that occurs during a customer transaction or interaction.

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Behavioural Monitoring

Behavioural Monitoring

In safe commerce, you spot your good customers faster while weeding out villains more easily. Using behavioural monitoring from TruNarrative, you can understand and spot high-value customer behaviour patterns then differentiate their experience.

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Consortium

Consortium

Sharing insight across organisations is proven to be more effective than working alone or in silos. Our platform allows you to securely share and communicate across peer groups and geographies.

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Machine Learning

Machine Learning

Machine Learning and human insight combine in the most advanced solution. Human judgement contributes throughout.

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App Store - Partner Apps

App Store

The world is awash with Big Data. With endless apps ready to use, inside TruNarrative, you can find new suppliers in the app store, or ‘bring your own’ valued supplier or service and integrate them in minutes.

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