Fraud Detection

Enformion for Fraud Detection

For those in the insurance industry, detecting and stopping fraud is an ongoing challenge. See how you can leverage Enformion’s data and detection tools to keep fraudsters at bay.

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Enformion Fraud Detection Services

Every year, billions upon billions of dollars are lost to fraud. It is a big problem and, given the tech-savviness of so many fraudsters these days, one that feels nearly impossible to overcome. Still, you have to make every effort to try and stop fraud whenever you can.

That’s where we can provide a helping hand. With our vast database of public information, advanced analytic tools, and decades of expertise, Enformion is the partner you need to fight back against fraud. We can help to make the necessary task of detecting fraud much easier for you and your company to perform.

Stop Fraud at the Start

When it comes to fighting fraud, it just makes sense to start at the beginning. In vetting potential customers for a policy, you need to perform your due diligence. You want to verify their identities to make sure they really are who they say they are and then, once that basic fact is established, that there’s nothing suspicious in their past.

  • Enformion’s Identity Verification services are able to relate seemingly small bits of identifying information to confirm whether or not a person is telling the truth about their identity.
  • Go a little further, and the same data about a person can reveal criminal records or other potential red flags in their past.
  • See if there are other aspects of the person or property to be covered that may be questionable (condition, location, previous claims, etc.).

Investigate Claims

You may have done your due diligence at the start, but fraudsters are nothing if not determined. Moving forward, the real opportunity for fraud to occur is when a claim is filed. That’s why fraud investigations are conducted to rule out fraud before paying out. You can use Enformion to help determine if a loss is genuine or not.

  • Some claims may show greater potential for fraud than others. Our predictive analytics can help you to identify and focus on those more questionable claims.
  • By integrating via API, you can make Enformion data part of an automated process to flag certain data points as potentially fraudulent.
  • If you detect fraud, our data can also help you to pinpoint the source: the client, a provider, or both.

Improve Profits

Being able to stop fraud consistently—and hopefully early in the claims process—will reflect well on your bottom line. The math is pretty simple. The amount of money you keep out of the hands of fraudsters is the same amount you can add to the sum of your overall revenue. And there is, too, the simple satisfaction of stopping a criminal in their tracks.

  • You’re in the business of protecting people. Detecting and stopping fraud proves you can protect your own interests as well as those of others.
  • Having a reputation for stopping fraud may just deter people from even trying it in the first place.
  • Finally, superior fraud detection tools will also keep you in good stead with regulatory agencies.

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Talk with a specialist today to learn how Enformion can help to customize a solution that’s right for you.

Call us at 1-855-281-3915, or via online today.