GoCompare partners with Featurespace, which uses machine learning out of Cambridge University
Comparison website, GoCompare has partnered with Featurespace, the world’s leading provider of adaptive behavioural analytics for fraud detection and risk management, to strengthen its front-end fraud prevention and detection abilities.
GoCompare is now the only UK-based comparison website to partner with the provider out of Cambridge University.
Featurespace’s ARIC™ Fraud Hub uses real-time machine learning to spot anomalies, block new fraud, and recognise genuine customers.
GoCompare will add this onto its existing efforts to tackle quote manipulation, ghost broking, application fraud, and more. For insurers who partner with GoCompare, the suite of fraud detection and prevention tools available will enable customised, real-time risk management, reducing the burden on insurers’ own fraud teams.
Fleur Lewis, head of fraud at GoCompare, said: “We’re excited to be the only UK comparison website to be partnering with Featurespace. Following an extensive evaluation of providers, they proved to be the only ones capable of enhancing our existing fraud prevention capabilities.
“We recognise that comparison websites act as the gatekeepers of data for many insurers and that we have an important role to play in the prevention of front-end fraud.
“Any online platform is a potentially inviting place to attempt fraud, and we believe we can support the industry in identifying this sort of behaviour by introducing detection and prevention measures at point-of-quote.
“These capabilities enable insurers to assess the risk in real-time and either decline the business or price accurately to ensure all parties are suitably protected.
“Our ambition is to provide insurers with only quality, genuine customers, thereby reducing their operational/legal costs and losses, so that they can continue to provide our users with excellent cover that represents value for money.”
Martina King, chief executive at Featurespace, added: “The intense deliberation in seeking a fraud and risk technology provider reflects GoCompare’s commitment to safeguarding their customers and their business. We are honoured to have been selected.”
GoCompare’s anti-fraud project will evolve over the coming 12 months, with the introduction of third-party data enrichment feeds and new business intelligence partnerships.