Case Study: a leading insurance carrier improves fraud prediction by 10% with ForMotiv behavioral intelligence

Insurance Carrier Improves Fraud Prediction Models by 10% with ForMotiv Data

A leading insurance carrier company was struggling with policy misrepresentation, with studies showing 17% of their policies were affected. They engaged ForMotiv to help improve their fraud, pricing, and underwriting models by incorporating new data sources, as they felt user behavior from their primarily eCommerce channel could provide meaningful insights to better identify risk.

ForMotiv’s solution was to implement its Behavioral Intelligence to collect and analyze user behavior data from the carrier's web application. This provided over 2.2 billion new data points monthly. The collaboration resulted in a 10% lift in the predictive power of their fraud models and a 94% accuracy in predicting whether a customer would submit a quote. ForMotiv's data significantly improved the identification of both safe and bad risks for the client.