28.01.2010 | Fraudscreen identifies payment intent at postcode and postal sector levels

Pins in a map

28th January 2010, Fraudscreen continue to innovate and extend their product offering with the launch of GeoPlus. Designed to provide both bespoke and generic risk management solutions, GeoPlus categorises the whole of the UK into one of 15 distinct codes based on payment behaviour, from good to very bad. Users can choose between postcode or postal sector level solutions, each one providing powerful discrimination. The product has been designed to provide an easy to implement solution for those sectors and businesses, such as general insurance, whose own risk assessment and targeting works at a geographic level.

LoansJames Middlehurst, CEO, commented, "The insurance sector is a point in question. There is a more sinister side to the online revolution that is delivering huge numbers of insurance leads - the staggering increase in opportunistic fraud such as bogus claims. Our experience shows that whilst the web creates prospects in large volumes, most are typically unknown and carry greater than average financial risks to the business. These manifest themselves as inflated claims and bad debts from non-payment of instalments. Clearly, closing this channel is not an option – the challenge is to maximise the benefit whilst minimising your risks. Geoplus provides the additional insight that can make all the difference. Our work in this sector has proven that the worst GeoPlus codes are 30% more likely to make a claim and when they do it will be 45% above the average claim value.”

Sales & Marketing Director, John Sharman, explains further; “For businesses operating in the insurance sector, either direct or broker-led operations, GeoPlus can be applied strategically and tactically to deliver measurable commercial benefits across the full customer lifecycle – from acquisition risk assessment, claims handling, reacquisition/regeneration of lapsed policy holders and non-converted quotes, through to collections and the early identification of people from whom a successful payment recovery is unlikely.”

Outside of the insurance sector, GeoPlus is available as a data enhancement tool for lifestyle, geo-demographic and other geography based data models. Its unique insight on potential customer value can both strengthen and refine existing models. It can also be used to create additional list rental segments to improve targeting. For advertisers using door drops, email, outbound telemarketing or direct mail, GeoPlus offers a cost effective way to pre-screen prospects according to risk and potential profitability. Fraudscreen is proven to increase campaign profitability by 34% and return on investment by 9% on cold direct mail recruitment through reduced marketing spend and improved targeting.

GeoPlus codes can be easily loaded into existing models by way of postcode/postal sector vs. risk look up tables. The solution can then be leased on an annual basis and fully refreshed each quarter.

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