{"id":1314,"date":"2018-03-06T18:04:00","date_gmt":"2018-03-06T18:04:00","guid":{"rendered":"https:\/\/tst418075918.wordpress.com\/?p=84"},"modified":"2022-10-05T12:36:44","modified_gmt":"2022-10-05T12:36:44","slug":"the-best-data-is-customer-interaction","status":"publish","type":"post","link":"https:\/\/test.veracityid.com\/new\/the-best-data-is-customer-interaction\/","title":{"rendered":"The best data is customer interaction"},"content":{"rendered":"<p>A customer&#8217;s address doesn&#8217;t match the 3rd party data &#8211; and he hasn&#8217;t moved recently. A case of garaging fraud? Or someone who transposed a zip code or mispelled a street?<\/p>\n<p>A customer has one driver with eight vehicles and the data identifies all of the vehicles as the same type commonly used by commercial businesses. A cut and dried case of garaging fraud? Or simply a car fan who collects classic panel vans.?<\/p>\n<p>The mitigation of underwriting fraud necessarily revolves around data: the data customers provide and third party data to test the customer&#8217;s clai as a way of eliminating errors driven by inaccurate or deceptive data provided by customers. But as the examples above show, sometimes the very best information isn&#8217;t good enough: we need more information. Information that only the customer has and because the customer is expecting an &#8216;instant quote&#8217; or binding we need that information right now.<\/p>\n<p>Why is direct, real time customer interaction so useful:<\/p>\n<ul>\n<li>It tells customers that &#8216;we&#8217;re watchin&#8217;<\/li>\n<li>It is help to customers that are confused or anomalous and don&#8217;t know what to do<\/li>\n<li>By lifting the veil of transactional anonymity, it often scares away the dishonest customers.<\/li>\n<li>It resolves the issue there and then with no lag<\/li>\n<\/ul>\n<div>Clearly contacting a customer the moment an anomaly is identified is the optimal customer service and fraud minimization approach. The problem is that in a world where the number of quotes solicited by customers per policy issued continues to rise, it is simply too expensive to have staff intervene at the point of quote and\/or sale to resolve a $300 or $500 issue.<\/div>\n<div><\/div>\n<div>The result: underwriting focuses on only the most egregious data violations and applies them &#8216;hard&#8217; &#8211; accepting that they will let some fraudsters in (false negative) and exclude some legitimate customers (false positive).\u00a0<\/div>\n<div><\/div>\n<p>But most of the time the evidence falls far short of certainty so carriers have three choices:<\/p>\n<div><\/p>\n<ul>\n<li>knock the customer out due to the data (only done on certain absolutely key variables),<\/li>\n<li>Let the customer in with some sort of flag to test further during the look-see period or<\/li>\n<li>Talk to the customer\u00a0<\/li>\n<\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A customer&#8217;s address doesn&#8217;t match the 3rd party data &#8211; and he hasn&#8217;t moved recently. A case of garaging fraud? Or someone [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-1314","post","type-post","status-publish","format-standard","hentry","category-blog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The best data is customer interaction - VeracityID<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/test.veracityid.com\/new\/the-best-data-is-customer-interaction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The best data is customer interaction - VeracityID\" \/>\n<meta property=\"og:description\" content=\"A customer&#8217;s address doesn&#8217;t match the 3rd party data &#8211; and he hasn&#8217;t moved recently. A case of garaging fraud? 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