Case Study | Policy cancellation and payment default in insurance
| Sector | Insurance |
|---|---|
| Products | cipher:risk |
| Application | Risk |
With more and more consumers struggling to manage their finances, the insurance market has found itself battling with opportunistic and fraudulent claims. Adding to these pressures, many more insurance brokers are suffering from the financial losses associated with payment defaults on instalments and early policy cancellations. Many of these cases are a direct result of first party fraud - intentional behaviour that provides a period of cover with one provider, before moving onto the next. In this case study for a leading broker, Fraudscreen demonstrates how its solution can accurately predict these intentions.
