The presentation by the Money 2.0 Conference talks about the most common scam in the financial insurance sector: The insurance Application Scam. With the help of this presentation, you will understand how insurance application scam occurs and affects customers. How do insurance conferences identify scam agents and spam, how customers are scammed through the insurance application form, how do finance conferences guide insurance application fraud analytics, and how to verify identity at the point of digital application.

1. Insurance Application Scam
Money 2.0 Conference’s Advice To Avoid Insurance Application Scam

2. Table Of Contents
● How does an insurance application
scam or fraud occur?
● How insurance conferences identify
scam agents?
● Customer scamming through an
insurance application form
● How do finance conferences guide
through insurance application fraud
analytics?
● Verify identity in the point of digital
application

3. How does an insurance application scam or fraud occur?
● Application fraud occurs when you provide false information on an
insurance application knowingly and intentionally. Insurance conferences
of 2022 suggests that it is the most common insurance scam, accounting
for up to two-thirds of all denied life insurance claims.
● It can include any kind of insurance. One who lies about health when
applying for medical or life insurance.
● People always make mistakes on their insurance forms, whether it's an
honest mistake, an inaccurate estimate, or another source of error.

4. How insurance conferences identify scam agents?
A well-rounded insurance conference provides fraud solutions and employs
multiple analytic techniques to direct you to agents who should be investigated
further. The following techniques are used by industry-leading solutions to
detect agent scamming:
● Machine learning
● Peer grouping
● Anomaly detection
● Social network analysis

5. Customer scamming
through an insurance
application form
● Insurers who sell primarily over the
phone or the internet face several well-
known and emerging threats.
● Customers can lie about the primary
driver or where the vehicle will be
garaged, or they can get refunds on
canceled policies purchased with stolen
cards.
● Analytics can detect this type of scam,
spam, and fraud in real-time by defining
thresholds on how much an applicant can
manipulate the premium before action is
taken, such as messaging, callbacks, or
blocks.
● Analytics can detect unordinary activity
patterns, such as multiple policy
cancellations linked to the same device.

6. How do finance conferences guide through
insurance application fraud analytics?
● Insurance companies that have invested in robust anti-fraud capabilities have
seen spectacular results.
● Customers value the insurance industry's transition to online business
processes. Online rate research and policy application submission are quick and
easy. As claimed in finance conference of 2022, fraudsters enjoy it as well.
● Fraudsters open insurance policies for fictitious beneficiaries, agents skim
premiums or open and cancel policies to meet quotas and bonuses, and
customers falsify application information to lower their premiums.
● While digital channels provide new avenues for insurance application fraud,
they also provide new data points to combat it. Smart insurers will use data
from device fingerprints, IP addresses, geolocation, and other sources to detect
fraud at the point of application.

7. Verify identity in the
point of digital
application
Money 2.0 Conference recommends some
effective, data-driven approaches to combat
insurance application fraud:
● Examine the data in the application to see if
the same information or device is being
reused across multiple identities that
appear unrelated.
● Examine previous policies that shared a
data element with the new application, such
as the same device ID or address.
● Find "proof of life," or details associated
with a genuine personal identity, such as a
driver's license, voter registration, or
property ownership.
● Examine the network that surrounds the
application for unusual or suspicious
connections between applicants, devices,
policies, and application data.

8. Thank You!
Money 2.0 Conference
https://www.money2conf.com/