Reducing Online Fraud with IP Geolocation

 

Discover how Neustar IP Intelligence helps online insurer Swiftcover stop fraudulent transactions. With Neustar’s highly accurate IP data, Swiftcover builds customer confidence and burnishes its brand.

 

Transcript

Swiftcover is an online provider of general insurance products. We sell motor, household and travel. As we’re online only, i.e. we sell our products via the web. We don’t have any contact centers so we’re able to pass on some of the cost savings that we make by virtue of cheaper premiums on our insurance products.

We’ve been using Neustar’s IP Intelligence service containing the geodirectory server that gives us a lot more information about the components of an IP address that’s attached to an application for insurance products. We’ve been using it in the UK market since October 2009. It’s working very effectively for us.

Neustar’s IP intelligence service allows us to ensure that the products that we sell in the UK are indemnified for the customers that we are selling those products to. For instance, on travel insurance products the physical purchase must be undertaken while the individual is in the UK, and the start and end of the trip must also start and end in the UK.

The problems that we were trying to remedy were around policies being purchased outside of our territorial limits. For instance, on the travel insurance products is a condition that we sell the policy to the person while they’re physically in the UK and that when they go on their trip it starts and ends in the UK , as well. As well as, we are able to spot fraudulent transactions.

The IP Intelligence service allows us to spot more suspicious transactions and interrupt those. It also allows us to give greater confidence to our customers so they qualify for the insurance products that they’re purchasing. What we don’t want to happen is that someone finds in their moment of need, i.e. when they’ve suffered a loss and need to make a claim, that they don’t qualify for the policy that they’ve purchased. It enables us to give some of that confidence to the customers.

I absolutely recommend the services from Neustar. Regularly I have conversations with my peers in the industry about the usefulness of this type of intelligence. The people that work there give us great support and collaboration to make sure that the decisions that are being made on what is quite a tricky subject around IP addresses are accurate and give everyone the confidence that the right decisions are being made.

Through every stage that we work with Neustar, whether it be the initial assessment of the products or into the development and testing stage or just normal ongoing support, the service has been second to none. They’ve always provided professional, courteous staff that are available when we try to contact them.