Featurespace’s real-time, machine learning platform, ARIC™, will be integrated into Eldon Insurance Services’ system to detect and block real-time online fraud at the point of applying for an insurance policy, as well as spotting quote manipulation and identifying ghost brokers. This will significantly reduce fraud at the point of sale.
Application fraud occurs when criminals use stolen identity details to apply for a policy, impersonating a genuine customer. Quote manipulation takes place when potential insurance customers deliberately omit or falsify information to generate a lower policy premium. Ghost brokers are criminals who sell apparently cheap motor insurance deals to drivers, and then issue fake policies – a growing issue for the insurance industry.
Identifying these types of fraud at early stages of quote and application enables insurers to correctly underwrite policies and protect their customers.
Featurespace’s ARIC™ platform detects anomalies for fraud and risk management. Featurespace was created out of Cambridge University’s Engineering Department, co-founded by world-renowned experts in applied statistics, Professor Bill Fitzgerald and Dave Excell.
The agreement will enable Eldon Insurance Services’ customers, including GoSkippy motor insurance, to prevent online fraud at the early stages of insurance application and quote manipulation, correctly underwriting policies to maximise revenue and protect insurance partners.