Verisk Insurance Solutions and iovation have partnered to launch Verisk Device Reputation Service, a tool to help insurers prevent fraud by exposing the reputation of Internet-enabled devices. Adding device-based intelligence to the fraud detection process can potentially save insurers millions of dollars.
The proprietary technology helps identify devices related to previous fraudulent activity. The service uses iovation’s database of more than 2.5 billion Internet devices and the relationships among them to help insurers determine the level of risk associated with online transactions.
The technology examines the hardware a consumer used to conduct a transaction through the web—obtaining a quote or claim report, for example—and the online history of that device. It reveals whether a particular device is connected to accounts or other devices with a known history of fraud. Insurers can use the device reputation score to determine policy pricing and evaluate the integrity of the applicant.
When using the technology to detect fraud at the point of initial quote, insurers can verify in real time if the device used to request a policy quote has ever had a fraud or abuse experience or if it’s connected to a device that’s been associated with any type of fraudulent activity anywhere in the world.