According to the press release, with increased levels of digital fraud specific to insurance providers, Kount has launched a customised 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. Therefore, 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.
Moreover, Kount developed its insurance risk management solution to address the evolving digital innovation needs of insurance providers, as a Kount report finds many insurers plan to expand product capabilities, prioritising mobile and online digitization to improve the customer experience.
Besides, 44% of insurers plan to provide mobile claims documentation until 2021, and 42% plan on enabling mobile claims submissions. Meanwhile, another industry report finds that digital fraud is rapidly increasing in the insurance industry at a rate of 21% per year, with the cost of fraud expected to reach USD 12 billion by 2026.
In addition to fraud prevention, Kount provides the ability to use digital identity verification to enrich marketing efforts by establishing trust in real time. This helps insurance companies identify visitors, manage leads, and determine who is shopping for a quote in order to quickly segment high-value or high-risk leads.