Insurance

Pindrop for Insurance

Reduce fraud losses that lead to increased consumer premiums with help from Pindrop’s voice authentication and fraud detection solutions

Protecting The Insurance Industry

Outdated authentication methods can incur heavy costs for insurance companies. Not only do false claims and policy takeovers expose your brand to increased reputational risks, they amount to over $300 billion in losses each year.

Safeguard Brand & Reputation Risk

Unlike other industries, insurers’ assets are intimately tied to their reputation. Policyholders place significant trust in their insurers, and providing secure service is vital to conducting business. Pindrop can help reduce the fraud that threatens your reputation, but also enable you to quickly react and remediate fraudulent activities.

Reduce Fraudulent Claims & Scams

Insurance providers can be the target of intense fraud activity from both individuals and organized crime, where policy manipulation from account takeover can be costly. Pindrop helps insurance companies protect policyholder accounts from takeover and abuse, including fraudulent claims, policy cashouts, and other identity scams.

Provide Outstanding Policyholder Experience

Some policyholders may only reach out in a moment of crisis to process a claim, where just a single, high-stakes phone call has the potential to make-or-break the relationship. Pindrop helps remove friction and save time on every call, allowing agents to shine bright when the pressure is on.

Lower Operational Costs

From reducing bottomline fraud costs to cutting wait times for authentication, Pindrop provides more efficient ways to serve policyholders. Pindrop solutions are designed to encourage self-service when possible, and verify policyholders quickly and safely so agents can focus on serving the needs of the caller.

Protect Policyholders with Pindrop Solutions

Fraud costs businesses and consumers $308.6 billion a year[1], costing the average family an estimated $400 to $700 per year in premiums[2].

How Pindrop® Solutions Help Protect Insurance

Pindrop® solutions can help insurers reduce reputational risk, identify false claims, improve policyholder experience, and improve operational efficiency in the contact center.

Anti-Fraud

Reduce fraud attacks that cost time, resources, and confidence in the brand. Pindrop’s advanced fraud detection capabilities assess the audio characteristics of calls to provide insights that help your agents guard against:

Fraudulent claims

Policy cashout and refund scams

Fraudulent Special Investigative Unit (SIU) interviewing

Authentication

Give customers faster, better service when verification questions are no longer needed. Pindrop solutions help you passively authenticate your customers with unique multi-factor credentials based on device, voice, and behavior. Advanced authentication helps insurers:

Reduce call resolution time for policyholders

Improve consumer self-service capabilities in the IVR

Improve policyholder experience

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. They also threaten to permanently damage the trust that is essential to maintaining a potentially lifelong relationship with policyholders.

Resources

Interested in learning more about Pindrop’s solutions?

Case Study

Case study: $1.6 MILLION IN FRAUDULENT DISBURSEMENT ATTEMPTS STOPPED, Trailblazing Customer Experience and Protection in Insurance

Case Study

See how Pindrop them helped a Great Insurance Co.when 257 independent advisors were socially engineered resulting in near-catastrophic losses

Case Study

See this large Insurer tackle customer resolution management with Pindrop

Partner & Customers

My experience with Pindrop has been phenomenal. More insurance companies need to get on the (Pindrop) platform as we all benefit from catching fraud.

Get a Customized Demo

Ready to learn more about how PindropⓇ solutions could work for your business? Schedule an initial consultation call with one of our solutions experts today.

Sources:

1. The Coalition Against Insurance Fraud: https://content.naic.org/cipr-topics/insurance-fraud
2. FBI: https://content.naic.org/cipr-topics/insurance-fraud