Stuart Goldsmith is a senior product manager at LexisNexis Risk Solutions UK and Ireland
Customer data management and identity management solutions are designed to complement the insurance market’s existing counter-fraud armoury, and could provide the crucial piece in the jigsaw in understanding fraud risk before a claim is settled
A more digitised claims process has obvious benefits, such as an improved customer experience, quicker claims settlements and streamlined, more efficient claims processes. The pandemic has certainly provided the catalyst for an acceleration in claims digitisation. Almost overnight, insurance providers needed to shift their operations to accommodate claims staff working from home and customers who needed to socially distance.
A key part of the delivering a seamless and secure claims experience is truly knowing who the customer is, by linking together all known information about the claimant across different lines of business and policies, while also getting better understand of their propensity to commit fraud, given the market’s ongoing battle against claims fraud. Is the customer who they say they are, and do they have any past patterns of claims behaviour that should raise concern?
The challenge has been making the process swift and frictionless for claimants, the vast majority of whom will be genuine and simply want their claim paid and to move on with their life.
Customer data management and identity solutions have emerged to allow insurance providers to more quickly process claims from verified parties while adding appropriate review processes for high-risk claims.
It is already well-understood that tackling fraud takes a multi-layered approach and insurance providers need to act on the prospects of fraud across underwriting, customer service, and claims.
That means truly knowing who you are dealing with at any touchpoint a customer has with your business—not just at claim—leveraging all the data currently held on that individual, wherev