Verisk with Iovation Introduces New Security Product to Prevent Fraud

By CIOReview | Monday, July 27, 2015
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FREMONT, CA: Verisk Insurance Solutions, informer of property/casualty insurance risk, has moved a step ahead to secure insurers from insurance fraud. The company has integrated with Iovation and recently launched a device- Verisk Device Reputation Service, to prevent fraud by exposing the reputation of Internet-enabled devices, reports CLAIMS JOURNAL.

This device works on the iovation technology, the technology which helps in stopping internet fraud and identifying good online customers with the reputation database. Iovation database includes more than 2.5 billion internet devices and with the help of this database, insurers can easily find the level of risk associated with online insurance transactions.  

“As insurance shopping gets easier with more online channels and choices, online criminals have more ways to possibly commit fraud. Adding device-based intelligence to the fraud detection process can help reduce fraud and potentially save millions of dollars,” says John Cantwell, VP of Auto Product Development for Verisk Insurance Solutions.

The newly launched device examines the hardware used to conduct an insurance transaction, through the Web or a mobile app enabling insurers to better detect whether a particular PC, laptop, mobile phone, or tablet is connected to any fraud account or have any fraud/criminal history. Also, it helps in determining any device anomalies, attributes, and activity levels that may prove risky from an underwriter’s perspective. Originally, the product was launched for the initial stage but now, it includes all the stages of the policy cycle, including renewal and claims.

Commenting on the new technology and the alliance with Verisk Insurance Solutions, Max Anhoury, VP of Global Partnership, Iovation, states that we are excited to provide Verisk Insurance Solutions and its clients an extra layer to help secure their business and customers.