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TransUnion Insurance Solutions
Verify applicant-provided data in real time—any time.
TransUnion Risk Verification Platform helps carriers spot rate potential rate evasion across the policy lifecycle, from quote to renewal to claims.
How to Spot Potential Fraud
Before it Hits Your Book
By Michael Gaughan
Example 1 – Multiple Identity Issues
An applicant insured a single vehicle on March 10, 2009. Two weeks later
the policyholder filed a claim.
When the data for this policy was processed through Risk Verification Platform,
several significant issues were identified. No relationship was found between the
name and address and, in fact, the address itself was not found in any database,
indicating potential fraud. Additionally, the phone number provided was found to
be a land line more than 150 miles from the applicant’s address.
This claim clearly warranted the attention of a seasoned SIU investigator.
Example 2 – Serious Vehicle Questions
A carrier issued a policy that included two vehicles. A total loss claim was
filed on one of the vehicles just three days after the policy was issued. A
second claim was filed on the remaining vehicle two months after the first
claim was paid.
When screened through Risk Verification Platform, the carrier discovered
that the first vehicle was branded as having been dismantled seven months
before the policy was issued. Five months later, the dismantled vehicle, or at
least the VIN for that vehicle, was issued a rebuilt title. That VIN was used two
months later to apply for the policy.
Had the carrier used Risk Verification Platform during the claims process,
it would have been alerted to these potential issues on the first claim. The
carrier could have investigated that claim and most likely denied it, making it
even less likely for the second claim to be filed.
Example 3 – Multiple Policies with Potential Existing Vehicle Damage
The following examples are policies revealed by Risk Verification Platform
to cover vehicles had received a damage repair estimate in the days prior to
the application.
Policy A: Issued on 3/6/2009
• Risk Verification Platform Result
Collision estimation on 3/5/2009 (1 day prior)
Policy B: Issued on 3/7/2009
• Risk Verification Platform Result
Collision estimation on 3/6/2009 (1 day prior)
Policy C: Issued on 3/7/2009
• Risk Verification Platform Result
Collision estimation on 3/6/2009 (1 day prior)
Policy D: Issued on 3/14/2009
• Risk Verification Platform Result
Collision estimation on 3/10/2009 (4 days prior)
If the carrier had been using Risk Verification Platform and any of these
vehicles were included in a claim, the carrier could take action to ensure the
damage in the claim was legitimate before payout.
Risk Verification Platform decreases losses by verifying critical data early
in the claims process. It enables carriers to identify claims that require more
attention and delivers instructions to guide adjusters in the critical steps of
the process. Risk Verification Platform helps carriers provide superior claims
service to their good policyholders while driving out fraud operations. n
TransUnion
555 West Adams Street
Chicago, IL 60661
transunion.com/insurance
