G4S INVESTIGATION SOLUTIONS SELECTS EQUIFAX INSURANCE INSIGHTS TO REDUCE CLAIMS FRAUD
London, 27th May 2014 – Equifax, the leading fraud and consumer insights expert, has secured a contract to provide fraud protection and claim data matching solutions to the specialist insurance claims division of G4S Investigation Solutions UK.
Delivering high quality fraud investigation services across the public and private sector, G4S Investigation Solutions works for some of the world’s largest insurance companies, retailers and local authorities, helping them combat the many and changing faces of fraud. The contract with Equifax enhances the G4S proposition for the insurance sector in offering a market leading claims fraud detection service.
The new contract utilises the ground-breaking Equifax Insurance Insights which, by combining permissible credit file information with claims and identity data, enables insurance businesses to improve customer management and retention whilst reducing the risk of fraud. In particular, G4S will be accessing Claims Insights, including data from the Claims and Underwriting Exchange (CUE) which has been enhanced with Equifax alias data and address links to identify previous addresses for claimants to provide highly accurate identity verification.
Gareth Mussell, Head of Intelligence at G4S Investigation Solutions, says, “G4S Investigation Solutions applies an intelligence-led approach to each and every investigation, ensuring that we are equipped with timely information upon which we can create investigative strategies and validate claimant accounts. Building on our vast experience, we are constantly looking for innovative ways to utilise intelligence and develop our pro-active approach in identifying and tackling fraud.
“We need to be able to make fast, reliable decisions that benefit our clients and Equifax Claims Insights is a perfect addition to our already diverse platform of intelligence sources. The highly accurate data matching means we will be able to make better informed decisions on potentially fraudulent insurance claims. This has obvious benefits for our clients in reducing the financial impact of fraud. It also means that we can ensure honest customers’ cases are processed with the minimum of delays.
“The Equifax service is cost effective and easy to implement, making it the perfect partner to ensure we continue to meet the needs of our clients.”
“Equifax Insurance Insights enables businesses such as G4S to understand the background of claims, as well as enrich their insight with Equifax consumer data for a complete understanding of the customer to tackle the challenges of fraud prevention”, added John Marsden, Fraud and Identity expert at Equifax. “A number of services on the market offer solutions that address one or other aspect of the insurance customer lifecycle. Equifax Insurance Insights is unique in that it provides insight from permissible consumer credit file information and claims activity. Combined with our analytics expertise, this means Equifax can provide a truly integrated solution across all aspects of the insurance customer relationship.
“It is this expertise that has made Equifax the first choice for insurance industry specialists in the fight against fraud. Demonstrating the value Equifax can bring, collaborating with insurance investigations and case handling teams, we are working closely with G4S Investigation Solutions to ensure it maximises the benefits of our fraud prevention expertise to enhance its own service proposition.”
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Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 600 million consumers and 81 million businesses worldwide. The company’s significant investments in differentiated data, its expertise in advanced analytics to explore and develop new multi-source data solutions, and its leading-edge proprietary technology enable it to create and deliver unparalleled customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2013, Equifax was named a Bloomberg BusinessWeek Top 50 company, was #3 in Fortune's Most Admired list in its category, and was named to InfoWeek 500 as well as the FinTech 100. For more information, please visit www.equifax.com.
Equifax Limited is authorised and regulated by the Financial Conduct Authority.