23 Mar Fighting Fraud In The Digital Age
Written by Michael Connolly
This is the first in a series of posts about fighting fraud at an insurtech.
I was invited to do some consultancy about 1 year ago on counter fraud for INSHUR by a good friend. At that time it was a handful of people in a shared office space in Brighton and New York. Today it’s about 70 people across the two sights. And we’re now poised to strike out across Europe and America with plans to make it a global business.
Our founders cracked the distribution model. A new insurance company will naturally be up against very large and well-funded incumbents. However, a lot of fraud and security issues are inherently solved by digitisation, technology and new distribution methods which is allowing us to take them on.
Life at a startup often feels like trying to guide a rocket ship on the right trajectory travelling at high speed. Counter fraud, in this context, is about keeping the rocket pointed in the right direction. The trick is to build as much in as you can, manually do what you have to and then help the developers to digitise the rest.
Below is a link for the app. Look out for the validation happening.
First when the customer logs in with their Uber details which are then authenticated. Needless to say there is an immense amount of validation just by this process alone.
The driver is then asked to scan their license, there are several API calls to retrieve and validate information here.
The NCD still has to be checked by our team. We hope this year to assist the MIB in their taxi NCD database. The licensing authority also still has to be checked though we are again working on this.
By 1 minute 23 we have collected all the information we need to be able to deliver a quote. The signature and payment are done in the app.
Our record between quote and purchase stands at 171 seconds with no corners cut on validation. This is fraud prevention in the digital age.
Our aim is a zero question quote but more on that in a later post.