Insurance Fraud

How MNO data is making insurance fraud investigations smarter

The Questions

Insurance fraud is commonplace among both committed fraudsters and opportunistic, otherwise law abiding, individuals. Because much of the process is based on trust, loopholes for exploitation reveal themselves. These present challenging questions to insurance investigators:

How can you be sure that the person signing up for a policy matches with the information provided? How can the activity – or lack thereof – of claimed devices be verified? How can invalid or falsified contact information be rooted out?

The Answers

We have partnered with Cotswold group – Europe’s leading investigations company – to provide mobile insights which can be intelligently applied to answer questions such as these.

Accessed via an API, portal or filerunner, Phronesis’ data comes directly from the largest Mobile Network Operators (MNOs) in the UK and France: EE, Vodafone, O2, 3, Orange, Bouygues and SFR.

These insights can be used both proactively in the background of insurance sign-ups or retroactively to investigate suspicious claims. This is achieved by validating account information associated with a mobile number and flagging suspicious activity, such as SIM or device change, or recent activity on a device claimed to be lost or broken.

Device Insurance Fraud

MNO data provides essential evidence towards whether a device claim is legitimate. Some key clues for detecting false claims include:

If a device has been officially reported as lost or stolen.
Activity history.
Checking for SIM-Swap and Device ID.

Ghost Broking Fraud

By verifying that the information provided during policy sign up aligns with the individual actually creating the policy, cases of ghost broking can be identified before it is too late. The victims of ghost broking fraud are most often people in their 20s or 30s, a demographic with 98% mobile phone ownership, making MNO data insights especially powerful.

Data cleansing

When outdated, invalid or falsified information is associated with a policy, this could be a sign of fraud. MNO data validates this information in real time, in the background during sign up, as well as retroactively.