- SSP Verify will augment Markerstudy’s existing fraud protection measures by helping eliminate ‘pre-inception’ discrepancies in insurance applications
- Markerstudy was able to identify in excess of one million pounds of mispriced premiums in one month period
Insurance technology specialist, SSP, has signed a new deal with insurance group, Markerstudy. The deal will see SSP Verify anti-fraud technology activated across product lines in the Markerstudy, Zenith and Chaucer brands.
SSP processes more than 3 million quotes a day, allowing SSP Verify to construct a single customer view which tracks suspicious behaviour across all aggregator and SSP broker channels. This data can then be fed into the quote process. SSP Verify is designed to highlight inaccuracies that artificially reduce a customer’s premium and underestimate their risk.
In a recent trial, Markerstudy identified premiums of over one million pounds involving ‘pre-inception’ discrepancies in insurance applications. According to SSP, around 35% of converted motor insurance applications in the UK include at least one inaccuracy. With the new deal in place, SSP will work with Markerstudy by integrating SSP Verify into its quote systems.
Adrian Coupland, Managing Director, Data and Distribution at SSP Worldwide commented:
“Even though the majority of insurance customers are honest, insurance fraud remains a chronic problem in the industry. We developed SSP Verify to provide insurers with a solution which operates in real time, highlighting inaccurate applications before quotes are returned.
“Importantly, our technology allows Markerstudy to fine tune the system to its needs. Whether that’s moving suspicious applications onto a different channel, pricing risk more accurately or declining a quote.”
Gary Humphreys, Group Underwriting Director at Markerstudy Group said:
“We have long recognised fraud as a problem in the insurance industry and SSP is assisting us as part of our wider existing strategy to tackle it. SSP Verify provides an additional tool to monitor fraud in real time and to prevent it getting onto our books. Reducing application fraud helps us protect our business and provides a fairer service to our customers.”