RADAR

Risk assessment and underwriting fraud detection

In today's insurance industry, the ability to provide millions of accurate quotes and conduct sustainable underwriting transactions on a daily basis requires precise pricing and the secure delivery of large amounts of data for those decisions. This is where RADAR can help.

RADAR (Rapid Detection & Analysis of Risk) is a powerful risk tool that provides insurers with enriched claims history and early fraud detection at the point-of-quote or point-of-sale.

With RADAR, insurers can reduce their exposure to fraud and make quicker and more accurate underwriting decisions, providing customers with the right price for the right risk.

Covered industries

Insurance

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, taking advantage of data harvested from different sources. It is adaptable to any personal lines insurance company and may be customised to reflect insurers' risk tolerances. RADAR is designed to offer results in less than a second, making reliable data available, supporting the underwriting and pricing process while decreasing the risk of fraud from the outset.

Make Quicker and More Accurate Underwriting Decisions

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. It supplies identity verification, and vehicle verification, delivering predictive risk indicators that can be integrated into insurers' back-office systems. These predictive indicators can evolve and adapt to embody the behaviour of fraudsters thanks to machine learning techniques.

Key benefits

Detecting underwriting fraud

By providing an enriched claims history at point-of-quote, insurers can make quicker underwriting decisions.

Early-stage risk assessment

Effectively assessing risk at a very early stage thanks to the combination of a wide range of internal and external data sources.

Accurately quoting policy premium

Results and insights delivered in real time, processing and analysing a high volume of data.

Increasing profitability

Increasing premium revenue and profitability by charging rates linked to the true risk involved.

Chris Staples, Group Product Manager at Markerstudy explains: “The ability to rapidly capture a holistic view of the customer and validate the information provided at point of quote improves our ability to screen and price risks accurately. We can increase business efficiency, speed up the customer journey and grow the business profitably. We have a long term relationship with CRIF as a trusted supplier to Markerstudy and we selected Radar on the company’s past performance and the accuracy of its data. The Markerstudy and CRIF project teams were outstanding in their flexibility and commitment to delivering the solution, meeting business needs and deadlines.”