Accurate pricing and rapid, secure delivery of high volumes of data that informs claims and quotation decisions is essential as insurers compete to issue millions of riskless quotes and perform sustainable underwriting transactions every day.
With the majority of insurance sales being generated through insurers’ websites and online price comparison services, CRIF fulfils the growing need for immediate access to claims information to allow insurers to make quicker and more accurate underwriting decisions.
Provide your customers with the right price for the right risk.
RADAR, Rapid Detection & Analysis of Risk, is a point-of-quote or point-of-sale risk tool designed to deliver an enriched claims history and help detect fraud at a very early stage by reducing the insurer’s exposure to fraud and the negative impact that this can have on their business.
RADAR, ENRICHED CLAIMS HISTORY AND EARLY FRAUD DETECTION AT POINT-OF-QUOTE.
RADAR is a high-performance and high-volume screening tool which allows insurers to assess their risk in real time and either decline the business or price it accurately to ensure all parties are suitably protected. This high-volume risk model has generated the need for cross-business personal lines insurance, taking advantage of data harvested from different sources and delivered at high speed.
RADAR delivers results in a sub-second environment for point-of-quote and real-time point-of-sale processing, or through a post-sales batch service supplying data enrichment through extraction. It can be configured to reflect insurers’ risk tolerances and can be applied to any personal lines insurance business.
Making trusted data available at the point-of-quote and point-of-sale provides customers with efficient data streamlining, supporting the underwriting and pricing process whilst reducing the risk of fraud at the earliest stage.
A DYNAMIC RESPONSE TO FRAUD AT A VERY EARLY STAGE.
RADAR provides a comprehensive risk validation by enriching insurers’ internal data with the widest range of external sources, including household, motor and personal injury claims data, supplying identity verification, vehicle verification, and property attributes.
Highly customisable, the service can be tailored to specific underwriting processes and deliver predictive risk indicators which can be integrated into insurers’ back office systems. Thanks to machine learning techniques, these predictive indicators can evolve and adapt to reflect the behaviour of fraudsters.
- Results and insights delivered in real time, processing and analysing a high volume of data.
- Output and delivery of risk indicators and multiple data enrichment.
- Informed decisions can be made at a very early stage thanks to the combination of a wide range of internal and external data sources.
- High level of data source customisation and added-value analytical tools available.
- Inherent flexibility and configurability together with machine learning techniques can deliver a solution which can evolve with an insurer’s business and counter-fraud strategies.
- Operational savings due to accurate and comprehensive data analysis, which will improve pricing accuracy and help identify fraud at point-of-quote and point-of-sale, protecting profits.
MAKE QUICKER AND MORE ACCURATE UNDERWRITING DECISIONS.
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Products and Services
The CACHE PI service enables insurers to search the Claims and Underwriting Exchange Register Personal Injuries database (CUE Search) and obtain a full report of the personal injury claims history of a given individual. It holds over 13.5 million personal injury insurance claims.
The CACHE Home service allows insurance companies to run a search in the the Claims and Underwriting Exchange Register Home database (CUE Search) and access a full report containing the home insurance claims history of a given individual. It holds over 7 million household insurance claims.
CACHE Motor service enables isurers to search the the Claims and Underwriting Exchange Register Motor database (CUE Search) and provides a comprehensive report of the motor claims history of a given individual. It holds over 19.9 million motor injury insurance claims.
From a wealth of powerful data, an easy to understand identity verification and risk assessment report is produced. Combining a brief results summary with a detailed granular report, ID Check delivers identity verification tools which are both user-friendly and highly informative as well as a corresponding score.