Outdated authentication solutions like caller ID and KBAs aren’t effectively preventing insurance call center fraud. When fraudsters liquidate insurance policies or file false claims, they put the brand’s reputation at risk.
The Struggle to Identify Callers & Build Trust
While many insurance companies have strengthened their online and physical security, insurance call centers remain a weak link. Because customers don’t call frequently, fraudsters can access accounts for months or years without customers knowing. Whether these sophisticated criminals liquidate or take over an account, file false claims, or complete fraudulent policy surrenders, they’re putting customers’ legacies and financial futures at risk.
Brand reputation and trust is critical in the hypercompetitive insurance industry
High Fraud Exposure
3x higher transactional fraud exposure than other industries
Relying only on legacy solutions makes the call center the weakest security link
Pindrop® Labs found that 1 in every 4,700 insurance calls is fraudulent — an increase from 1 in 12,000 the previous year.
— Pindrop Labs 2017 Fraud Report
HOW PINDROP PROTECTS INSURANCE
Pindrop® anti-fraud and authentication solutions help insurance call centers reduce false claims, improve customer experience, protect brand reputation, avoiding damaging data breaches and fraud attacks originating in the call center.
PROTECT BRAND REPUTATION
To compete in the marketplace, insurance companies must constantly uphold the brand’s trust and reputation. Pindrop helps call centers to protect the brand’s reputation by helping prevent major data breaches or customer identity theft.
PREVENT ACCOUNT TAKEOVERS & STOP FRAUDULENT CLAIMS
Pindrop patented multi-factor solutions quickly and accurately identify and flag suspicious callers. Call centers receive a risk score that indicates if a call is likely legitimate or needs further investigation.
IMPROVE CUSTOMER EXPERIENCE
The last thing customer service agents want is to make things harder for customers at a sensitive time. Pindrop solutions help insurance call centers reduce frustrating authentication processes for low risk callers—allowing agents to immediately help customers solve problems without sacrificing security.
LOWER OPERATIONAL COSTS
By using an accurate solution to authenticate callers, Pindrop solutions help insurance companies reduce call center operational costs. Highly accurate scoring means fewer service disruptions and unproductive investigations from false authentication positives.