Industry Fraud Detection and Prevention

Improve efficiencies by pooling efforts to identify fraud across the industry. Collaborative data pooling makes it possible for all the participants to achieve a single integrated view of customers. Data is pooled from trusted sources and only shared with other participants in sharing data.

Pooling of data has proven successful in the credit industry, short-term insurance and medical schemes, among others, including these examples:

• Insurance Data System —Predict your policyholders’ behaviour more accurately and better manage risk with access to the Insurance Data System. This extensive repository of current data in policies, claims and vehicle information allows you to identify potential fraud and manage risk objectively. Use it upfront for underwriting, at renewal stage and in the event of a claim.

• Equipment Identity —TransUnion hosts a closed database for the cellular and insurance industries that generates alerts for insurers. It helps prevent fraud with stolen, lost and damaged cellular equipment.

• Medical Schemes Forensic Database—Get access to timely, high-quality information and streamline your claims processing, make consistent risk assessments before underwriting and lower the cost of writing business. You can identify dual membership across multiple schemes, and obtain membership details that are helpful in setting premiums and waiting periods.