UK-based Insurance aggregator Gocompare.com has launched a point-of-quote fraud detection and prevention service that utilizes technology from Iovation. Gocompare.com identifies fraud by combining its customer and quote database with Iovation’s Risk Solution, which assesses the likelihood of based on the current and past behavior of a smartphone, tablet or laptop.
“Anti-fraud measures at the insurance application stage can be hugely powerful, but many of our insurance partners have historically relied on point-of-sale or even post-sale fraud detection,” said Jon Morrell, chief executive officer at Gocompare.com. “We have created an anti-fraud system that requires no additional implementation for our insurance partners and also works within the aggregator model where huge volumes of quotes are processed at high speed by numerous different parties. By leveraging Iovation’s intelligence about the behavior of more than 2.5 billion devices and 25 million client-reported fraud and abuse reports, Gocompare.com is now the first UK aggregator to implement a solution that can detect and prevent known fraud at the point-of-quote.”
The service has been available to select Gocompare.com car insurance partners since May, the company said. Since then, more than six million quotes have been filtered by the Iovation-powered application and Gocompare.com has directly blocked thousands of fraudulent quotes, the company said.
Iovation monitors whether a device has been used to conduct fraudulent transactions in the past, uses an Internet Service Provider with a high percentage of fraudulent transactions originating from it, has requested an abnormally high number of quotes in a short period of time, and other risk indicators, the company said.
“Because Gocompare.com gets such huge amounts of traffic — generating 40,000 quotes a day on average — and knows so much about its customers, it is ideally placed to work with insurers to identify and prevent fraud,” said Tristan Prince, business development manager for insurance at iovation.
