As more U.S. consumers use digital platforms when engaging with insurance companies, new fraud challenges are likely to arise for insurance carriers, according to TransUnion and iovation.
Among the 10 billion global online transactions iovation screened from Sept. 2018 to Sept. 2019, it identified 9.14% as risky in the insurance industry compared to 5.09% across all industries.
“The advantages of an online insurance offering is undeniable. It makes business processes more efficient and the consumer experience more convenient,” said Melissa Gaddis, iovation’s senior director of customer success.
