Risk Assessment & Dispute Resolution
Private sector companies lose billions of pounds every year due to fraud. The hardest hit amongst these is insurance companies suffering an annual loss of £3.8 billion. Compared to offline, online has done very little to prevent fraudulent claims. RedEye’s risk assessment programme offers a new way for online insurance companies to protect their businesses by using accurate data to analyse suspicious online user behaviour.
Why use RedEye?
The processes implemented by RedEye are certainly having a major impact in identifying a vast number of non-disclosures and potential fraudulent applications before claims are made. We are very happy with the results and although the process has only been live for a matter of months we are already seeing thousands of pounds in savings from potentially fraudulent applications.
eGroup
One of the biggest obstacles for online insurance companies is identifying potential fraudsters. Using RedEye’s unique single integrated database and expert in depth analysis, we will help you expertly extract suspicious users based on their online behaviour.
RedEye’s highly sophisticated analytics system tracks all activity at a person and/or transaction level, enabling you to review exact actions completed. This can be used to flag potential fraudsters and/or resolve customer disputes, ultimately saving costs for your business.
The detail…
RedEye’s risk assessment programme works by extracting accurate data from online quote applications. Through analysing this data RedEye provides a bespoke set of risk alert reports alerting online insurance companies to suspicious online user behaviour that could result in a fraudulent claim.
Using a powerful implementation tool RedEye is able to extract accurate data concerning online users, and using trusted algorithms used offline for years, identify possible fraudulent data entries and provide in-depth reports on suspicious online user behaviour.
- RedEye will tag the quote, application and purchase pages of the insurer’s site.
- High priority fields (e.g. previous claims, address, occupation, years holding a driving license) will be monitored for suspicious online user behaviour.
- Daily reports are sent to the client including a risk alert report to identify all completed sales where a key ‘risk’ field was amended and a declined report to identify all declined sales in the same period.
- By analysing the accurate data from these reports, looking for common patterns and applications, the client can extract high risk applicants.
- Passing this information onto a risk assessment team will allow the client to personally contact specific high risk applicants and fully assess whether or not the application will be approved.
It is not just financial sites that have to deal with suspicious web page transactions; for many sites it’s simply a case of dealing with customers claiming the site has performed an action they did not request, for example:
- someone booking a flight and claiming they picked a different destination;
- someone buys from an ecommerce store and selects paid delivery but then claims they went with the free one;
- a bet is placed for £10 but the person says they put on £1.
These scenarios all have one thing in common; they cause customer complaints that have to be resolved. RedEye’s sophisticated technology can help you extract and confirm exactly what your customers did, helping you to resolve customer disputes easily and save your business money.
