News
Gocompare.com Teams With iovation to Offer Device-Based Fraud Protection for Its Car Insurance Partners
August 2015 by Marc Jacob
Insurance aggregator Gocompare.com has rolled out a point-of-quote fraud detection and prevention service that utilises iovation technology. The Gocompare.com service identifies fraud by combining iovation’s risk solution — which determines whether an insurance quote request appears to be fraudulent based on the current and past behaviour of a device like a smartphone, tablet or laptop — with Gocompare.com’s vast customer and quote database. The capability that Gocompare.com has introduced through its partnership with iovation has been described by insurers as "the Holy Grail of insurance fraud prevention."
The Gocompare.com-iovation service has been selectively available to Gocompare.com car insurance partners since May. During that short time, over six million quotes have been filtered with the iovation-powered solution, and Gocompare.com has directly blocked thousands of fraudulent quotes.
"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 behaviour 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."
Intelligence that iovation provides includes monitoring whether a device has been used to conduct a fraudulent transaction in the past, is using an Internet Service Provider with a high percentage of fraudulent transactions originating from it or has requested an abnormally high number of quotes in a short time period. The company also offers intelligence about other risk indicators.
"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. "We’re excited to team up with Gocompare.com to take insurers off fraudsters’ shopping lists at point of quote. The solution we have built with Gocompare.com gives insurers the chance to benefit from iovation device technology in a number of ways. For those insurers that want greater protection or granularity we can offer enhanced levels of service that allow them to benefit from evidence placement, additional risk checks, velocity rules and wider consortium evidence."
