Experian India announced the launch of Hunter Fraud Management Services for the life insurance sector in India. The offering will help life insurance companies to be a part of the Hunter Closed User Group (CUG) for detection of life insurance fraud.
Life insurance companies that join the CUG will share with Experian any data relating to new policy proposals and claims. The credit information company is looking to offer similar services to general insurers as well. In India, Experian is the only provider of application fraud detection services using National Hunter
“We have over 43 banks sharing data in the CUG and using the Hunter services to identify potential fraudulent applications. Today, more than 50 per cent of retail banking applications are screened through National Hunter on a monthly basis,” Experian India Country Manager Mohan Jayaraman said.
With 15 life insurance companies already a part of this platform, this repository could help in reducing premium rates as insurers need not buffer for such losses, improving operational efficiency and the bottom line of insurers and in keeping bad elements out of the system.
Source: Business Standard