Data enrichment software tool helps fight against fraud

Technology

CDL has launched an enrichment service that gives brokers insight into the risks of customers claiming or defaulting on a policy.

The Enriched Quotes Solution (EQS) takes information from Experian to incorporate the credit expert’s Delphi for Insurance risk score that can also help battle insurance fraud ‘head-on’.

CDL business strategist Nigel Phillips said the information could be used to tailor prices, add-ons and, most importantly, instalment plans for individual clients at the point of quotation.

He said: “If the customer has a risk in terms of their payment options, there may well be a different instalment plan for someone who has a better risk score.”

The risk factors incorporated into EQS are taken from numerous databases held by Experian that take into account factors like credit checks.

This then allows brokers to make adjustments based on the Delphi score before a quote is made. Phillips said: “It’s an important element of them remaining and staying ahead in terms of being competitive in the different distribution channels that they offer.”

The platform is in addition to other enrichment services already offered by CDL on their Enrichment Hub, and Phillips said it was an area ready for further growth. “Enrichment is becoming an important factor across the piece,” he said. “It’s an area that I’m sure over the coming months will grow, and there will be more providers looking to supply their data.”

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