2016 Insurance Fraud Report

Protect Your Contact Centers

Insurance customers use the call center for help solving their most complicated issues, often at unpleasant and stressful times. However, providers have few ways to determine whether the person they are speaking to on the phone is the actual policyholder. This means customers must waste time and energy proving their identity before they can get the help they need. At the same time, many of today’s phone security solutions are easily bypassed, and criminals continue to use the phone channel to exploit insurance companies.

Pindrop solutions protect insurance call centers by combining authentication and fraud detection technology to assess identity while detecting malicious callers. Pindrop solutions monitor and analyze phone call audio, caller behavior, and phone number reputation, providing a risk score for each call. With Pindrop, organizations can:

PREVENT ACCOUNT TAKEOVER: Criminals commit identity theft by impersonating customers over the phone to complete fraudulent policy surrenders, account liquidation, and loans against policies. Pindrop identifies these callers during the early reconnaissance phases of the attack.

STOP FRAUDULENT CLAIMS: Criminals also use stolen identities to file false claims for quick reimbursements or replacement devices and equipment. Pindrop identifies and flags these suspicious calls.

IMPROVE CUSTOMER EXPERIENCE: Customer service is a key differentiator for insurance companies. With Pindrop, call centers reduce frustrating authentication processes for low risk callers, letting agents get straight to solving problems without sacrificing security.

PROTECT BRAND REPUTATION: In insurance, brand trust and reputation is critical. Pindrop helps insurance companies protect their reputation by filling in the call center security gaps that can lead to major data breaches or customer identity theft.

Identity Assessment + Fraud Detection

Smart Call Center Solutions

Pindrop solutions combine customer authentication and fraud detection for a uniquely smart call center solution that can tell you whether a caller is who they say they are. Until now, call centers have been forced to apply the same level of security to each incoming call. This method is expensive, frustrating for customers, and ineffective at stopping fraud.

Pindrop scores calls according to risk associated with the audio characteristics, geo- location, phone number reputation, and other factors. Within 30 seconds of the start of the call, the agent is shown a pop-up window displaying risk score and custom instructions for how to authenticate the call.

This allows CSRs to assess the true identity of callers, reducing authentication processes for low risk callers, cutting up to 20 seconds off the time of each. At the same time, high risk callers can be subject to greatly increased scrutiny, reducing fraud by 80%.