Kount, the leader in digital fraud protection and identity trust, today introduced Kount’s Insurance Digital Risk and Fraud Prevention Solution. With increased levels of digital fraud specific to insurance providers, Kount has launched a customized solution that uses adaptive AI and Kount’s Identity Trust Global Network to establish risk or trust in real time throughout the insurance customer lifecycle. Kount’s Insurance Digital Risk and Fraud Prevention Solution protects against identity assumption, bot quotes, and ghost brokering while also ensuring marketing campaign efficiency and conversion.
Kount developed its insurance risk management solution to address the evolving digital innovation needs of insurance providers. A Kount report finds many insurers plan to expand product capabilities, prioritizing mobile and online digitization to improve the customer experience. In fact, 44% of insurers plan to provide mobile claims documentation within the next year, and 42% plan on enabling mobile claims submissions. Meanwhile, another industry report finds digital fraud is rapidly increasing in the insurance industry at a rate of 21% per year, with the cost of fraud expected to reach $12B by 2026.
With profits at stake, effective fraud prevention and digital identity verification need to address the two sides of identity trust. On the fraud prevention side, Kount’s solution protects against identity assumption, bot quotes, and ghost brokering. On the trust side, it helps to establish accurate levels of identity trust to improve conversions and revenue generation for multiple use cases.
Kount’s Insurance Digital Risk and Fraud Prevention Solution use cases include:
- Identity assumption
- Bot quotes
- Ghost brokering
- Lead qualification and identification
- Campaign efficiency and conversion
- Buying propensity
“Fraud prevention solutions need to address the most common types of insurance fraud, like bots that submit illegitimate bulk quotes to open fake policies by using consumer information purchased or stolen from lead generators or brokers’ books,” said Jay Sarzen, senior analyst, Aite Group. “An AI-driven solution that establishes trust or risk in real time can detect and stop this automated behavior.”
In addition to sophisticated fraud prevention…