April 4, 2017
Eldon Insurance partners with Featurespace to prevent online insurance fraud
Cambridge, UK – Eldon Insurance Services, a leading and innovative insurance organisation, is partnering with Featurespace, the Adaptive Behavioural Analytics fraud prevention company.
Featurespace’s real-time, machine learning platform, ARIC™, will be integrated into Eldon Insurance Services’ system to detect and block real-time online fraud at the point of applying for an insurance policy, as well as spotting quote manipulation and identifying ghost brokers. This will significantly reduce fraud at the point of sale.
Application fraud occurs when criminals use stolen identity details to apply for a policy, impersonating a genuine customer. Quote manipulation takes place when potential insurance customers deliberately omit or falsify information to generate a lower policy premium. Ghost brokers are criminals who sell apparently cheap motor insurance deals to drivers, and then issue fake policies – a growing issue for the insurance industry.
Identifying these types of fraud at early stages of quote and application enables insurers to correctly underwrite policies and protect their customers.
Featurespace’s ARIC™ platform detects anomalies for fraud and risk management. Featurespace was created out of Cambridge University’s Engineering Department, co-founded by world-renowned experts in applied statistics, Professor Bill Fitzgerald and Dave Excell.
The agreement will enable Eldon Insurance Services’ customers, including GoSkippy motor insurance, to prevent online fraud at the early stages of insurance application and quote manipulation, correctly underwriting policies to maximise revenue and protect insurance partners.
For more information please contact:
Head of Marketing
+44 (0) 1223 345940
Notes to editors:
Featurespace™ is the world-leader in Adaptive Behavioural Analytics and creator of the ARIC™ platform, a machine learning software system developed out of the University of Cambridge.
Head quartered in Cambridge, UK, Featurespace has deployed ARIC™ to organisations that have services or products deployed in over 180 countries. Customers include Betfair, Vocalink/Zapp, Camelot, William Hill, and TSYS, the largest third-party processor of Visa® and MasterCard® credit cards in the U.S.
The ARIC™ platform – a real-time, machine learning software system – monitors individual behaviours to catch new fraud attacks as they happen.