How to apply payment intent within insurance
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The datasets used in the Fraudscreen solution are highly predictive of claims frequency and claims value, as well as payment intent. This predictive power enables insurance providers, both direct and broker-led, to improve risk and claims assessment at both individual and geographic levels. Better and faster assessment affords significant financial benefit and Fraudscreen coding can deliver this by being easily applied across the customer lifecycle, off and online, in real-time and within existing risk/pricing models. This quick guide looks at the market dynamics in the insurance industry and the effects on decision-making, particularly:
- The increasing levels of opportunistic fraud, including more frequent and inflated claims, that are pushing up loss ratios.
- Ministry of Justice reforms on claims assessment and the role for data and technology in meeting tighter deadlines.
- Increasing bad debts from non-payment of instalments and direct debit cancellations.
- The rising power of comparison and aggregator websites and the need for competitive but risk adverse pricing.
- The increasing numbers of unsolicited online enquiries and the increased risks associated with this channel.
With practical advice, we give tips on how to use Fraudscreen coding to develop and maintain a customer base made up of:
- Policy holders who can be encouraged to stay and/or who can be sold additional products and services with better margins.
- Policy holders who meet, or make every effort to meet, their financial commitments.
- Policy holders who, if they need to make a claim, make only genuine and un-inflated claims.
