Enrichment services can help in the fight against these ever-present fraud threats. The role of data enrichment as a solution to assess risk, help detect fraud and offer a robust anti-fraud measure is growing across the insurance industry. Above all, data enrichment can help to form a fuller picture of an applicants’ profile, which in turn provides a more accurate assessment of risk.
Connecting the applications digitally is the most efficient and secure way to use enrichment services, as they allow checks to happen at the point of quote. An additional advantage over completing similar checks manually over the phone, is that checks can be quickly made across several data points helping to provide a more complete customer profile and help deliver a more accurate quote.
All this can be completed without slowing down the overall application process – a crucial benefit in an increasingly competitive market where customers expect a fast, smooth purchasing experience.
In addition to traditional demographic data such as name, age, address, and phone number to validate a customer’s identity, data enrichment solutions such as identity verification provide a more in-depth way of checking individuals against the information they provide. The customer can be directly linked to specific data to check they exist in the real world, therefore verifying them as genuine. These more detailed checks use official database records such as driving licence files, credit checks and the electoral register. It is this real-time check and verification, that can play such an important role in fraud reduction and detecting fraud with greater accuracy.
Enrichment solutions don’t have to have a negative effect on the customer experience, which has in the past been a concern for brokers, because the checks can be instigated seamlessly at point of quote. Ultimately, the increase in data gives more assurance that a person is who they say they are and better equips brokers to identify any irregularities, reducing risk for all.