Source: #TheFraudTube & Facebanx, 23rd April 2013
A new cloud based facial recognition technology, Facebanx, has been developed that will enable insurance companies to dramatically reduce both policy & claims fraud, and provide a key weapon in their battle to regain market share from insurance aggregators.
FaceBanx, a division of OhHi, a successful video chat company, has developed software that asks existing and prospective policy holders to add their photo to their insurance policy online. This biometric fingerprint can then be screened against a database in order to identify fraudulent multiple policies & claims. Fake or false identity can also be identified at the point of first contact. Policyholders can easily add their photos using a webcam on their desktop, laptop, tablet, iPad or smart phone.
Matthew Silverstone, CEO of Facebanx, said: “Our product has been specifically designed for the insurance industry and provides a unique solution for insurers to share data to combat multiple claims fraud. We are currently talking to a number of insurance companies about adding Facebanx to their CRM solutions.”
An independent review of the cost-benefits of the software estimated that it would save insurance companies £50 on every insurance policy sold in addition to the commission saved from a sale via an aggregator.
Professor Mark Button, Director of Centre for Counter Fraud Studies, said: “Counter fraud professionals are always looking for the ‘holy grail’ in the fight against identity fraud. Facebanx is an exciting new development and a product which could be one step closer to such a solution.”
Until now, insurers have had few tools to fight professional fraudsters who have often out-manoeuvred companies and created a growing burden on the sector.
As the new technology is available to insurance companies, it will give them an opportunity to win business back from the aggregators who have gained a growing market share in the sector in recent years. The cost savings can be passed on to the consumer through discounts from buying a policy direct from an insurer’s website.
Facebanx (reg. no. 08481618 in England & Wales) is the first company to utilise facial recognition technology for online transactions that do not require any specialised equipment. Facebanx has been developed to meet stringent data protection standards including all security standards set by the relevant regulators in the UK.
Any enquiries should be sent to press@TheFraudTube.com or alternatively telephone Facebanx on +44 (0)20 7383 6499
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