Money20/20 USA: Cover Genius on mitigating insurance fraud
In attendance at Money20/20 USA, held in Las Vegas from October 22-25, FinTech Magazine speaks to Alex Sklar, VP of Strategic Partnerships for Retail at Cover Genius, on what the insurtech is doing to combat fraud as part of its future development strategy.
For our full interview with Sklar, you can click on the video link above.
Cover Genius: Fraud fighters
Speaking on the role Cover Genius is playing in the fight against fraud, Sklar says: “When we think about fraud and insurance, it comes in two flavours. One, are you buying insurance for something that's already happened or a product that's already broken, like cell phone insurance, for example?
“When you go to a website after Googling cell phone insurance, chances are your phone's already broken.
“With embedded insurance available at the point of purchase, we know the condition of the phone that you bought. Also, by working directly embedded, our customers are already pre-vetted by the platforms.
“Then we layer more fraud prevention on top of that by using our proprietary machine learning and AI platform.
“We're constantly analysing billions of transactions and then using that information to not only help us dynamically price but also really understand whether each one is sanction checked and fraud checked with email identification and ID verification.”
Want to see more from Money20/20 USA? Stay tuned to FinTech Magazine as we roll out more content from the event over the coming days.
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