EQUIFAX HELPS SWIFTCOVER.COM STREAMLINE INSURANCE APPLICATION PROCESSES
New contract provides in-house database to verify and assess the risk of new customers
London, November 2011 - Swiftcover.com has signed a significant three year contract with leading consumer risk and ID fraud expert, Equifax, to help this highly successful insurer reduce loss ratios and increase profitability, as well as give it greater protection against the threat of insurance fraud. swiftcover.com is utilising the unique Equifax Insurance Connections database, which is designed to be held within an insurer’s environment, to help verify and assess the risk of new and existing customers.
Equifax Insurance Connections offers access to bureau data, thereby supporting rapid and accurate responses and improving conversions irrespective of the high volumes generated online.
From Equifax’s extensive work in the insurance sector, it has seen a direct correlation between claims behaviour and a customer’s profile and identity held by Equifax. The strength and depth of a consumer’s identity directly relates to the risk of a claim - the less information available the greater chance of them making a claim. Equifax Insurance Connections provides swiftcover.com with bureau information required to rate the risk of future claims based on the information provided at the quotation stage. As a result, quotations can be more accurately priced or declined.
swiftcover.com is utilising a tailored version of Equifax Insurance Connections, which comprises a database of the UK population sourced from Equifax’s extensive data assets. Over 100 characteristics enable the company to accurately assess the insurance risk associated with each quotation.
“It is a key challenge for swiftcover.com, and indeed any insurer or broker who processes large numbers of applications, to deal with the sheer amount of quotations that are generated and achieve a good conversion rate” explained Steve Gaywood, Head of Fraud at swiftcover.com. “But the Equifax Insurance Connections system has given us a flexible and effective solution that tackles an industry-wide problem, thereby giving us a potential competitive edge.”
Stuart Smith, Business Development Director, Insurance at Equifax adds: “Our expert knowledge of the insurance market, coupled with our ability to provide high quality consumer risk and ID fraud solutions were key to winning this new contract.”
“We worked very closely with swiftcover.com to develop a bespoke solution that would enable them to maximise the match rate of the customer data they are processing, so that they can accurately price or decline quotations. We are looking forward to working with swiftcover.com over the coming years to further support their business growth plans.”
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Equifax is a global leader in consumer and commercial information solutions, providing businesses of all sizes and consumers with information they can trust. We organize and assimilate data on more than 500 million consumers and 81 million businesses worldwide, and use advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates in four continents and 15 countries, is a member of Standard & Poor’s (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange under the symbol EFX. For more information, please visit www.equifax.com.