The world is on digital fast-forward – more data, more competition for customers, more opportunities for fraud. Read our latest blog on how the future of insurance fraud prevention lies in understanding good customers and their data
Picture a time when you drive into the city one night in your brand new car and park to go for a meal. An insurer with telematics installed could alert you to the fact that there has been a high number of evening car thefts recently reported on that street and send you directions to the nearest secure car park. The distress and loss of personal possessions far outweighs any saving on premium and probably outweighs the cost of the entire premium! A genuine win-win scenario.
At the end of the day, insurers are looking to protect their customers whether it’s preventing car theft or foiling fraudsters; and the trick to doing both, lies in the data.
The question remains, how do insurers continue to connect data in a way which offers a competitive edge both in customer experience and fraud detection?