Cutting Insurance Fraud by 60% for a Leading Digital Insurance Aggregator

With the rapid-paced development of insurance digital it’s not only about speedier policy approvals, it’s about authenticating buyers swiftly, effectively, efficiently and safely. Since identity fraud is rising and increasing, insurance providers have to stay one step ahead by only allowing genuine customers and keeping a smooth user experience.

An industry-leading digital insurance aggregator in the UAE has partnered with Surepass to tackle this problem. The platform had to contend with growing fraud instances, increasing money mules, as well as insufficient checks during the onboarding. Surepass offered a complete solution that combines eKYC and fraud detection as well as real-time API verifications to cut down on the risk of fraudulent applications as well as speed up the process of issuance of policies.

What does this mean? 60 percent less fraudulent transactions and a quicker, smoother, more reliable onboarding experience for legitimate buyers.

The Challenge

A digital-first insurance aggregator providing health, life auto, travel and insurance plans, the company has been expanding fast. This growth was however accompanied by the emergence of new challenges.

This is what the platform had to contend with:

1. A large number of suspicious applications
   The fraudsters employed fake identities and documents in order to get high-value insurance, especially with regard to medical and auto insurance. The result was not just losses in revenue, but also affected the insurance partnership.
2. Money Mule Accounts and Synthetic Identity
   A few members onboarded had apparently valid information, however later research identified links to criminal networks, mules as well as synthetic identity rings.
3. Manual Verification of Documents causing delays
   KYC team members had to manually verify IDs or licenses as well as photos. This caused delays in onboarding at high traffic times, and frequently led to inconsistent results across different locations.
4. Required for Conformity to Regional Regulations
   Since it is a legally regulated organization within the UAE and the region, the system required eKYC compliance as well as document auditability for each policy holder who is new to the system.

The customer required a sophisticated ID verification that could be scaled and a fraud detection solution that would be operational in real-time and detect criminals early, and improve the user experience.

The Solution

Surepass collaborated closely with the aggregator to deploy a multi-layered verification and fraud detection infrastructure–fully tailored for digital insurance workflows.

eKYC that includes National ID and Passport OCR
Surepass has integrated its verification APIs for documents that support Emirates ID passports and various other authentic UAE documents. It extracts the data, validates it, and scrutinizes for forged documents.

Face Match + Liveliness Detection

New users are prompted to upload a selfie. Surepass’s AI-powered face match engine compares the selfie with the ID photo and runs a liveliness check to ensure it’s not a spoofed or manipulated image..

Money Mule Detection Engine

Surepass offered Money Mule Detection system, which flags suspicious applicants based on behavior patterns, network signals, device fingerprinting, and known fraud linkage

Real-Time Fraud Risk Scoring
Each applicant is scored in real time with a fraud risk score based on multiple signals: document authenticity, IP location, email age, facial mismatch, behavioral red flags, and more.

Central Dashboard for Compliance and Audit Reports
The entire Verification logs, as well as risk flags and other user data, are saved safely and easily accessible via central dashboards, which makes the process of auditing and reporting compliance simpler for teams within the company.

Real-time API integration onboarding flow
The entire verification process—document upload, face match, fraud checks—was embedded into the platform’s onboarding flow via APIs, enabling faster decisions without redirecting users.

Impact

After the integration of APIs, the company has seen immediate impact in fraud prevention as well as the effectiveness of onboarding.

60% reduction in the incidence of insurance fraud
Certainpass’ Money Mule Detection and eKYC APIs detected thousands of fraudulent candidates, deterring their purchase of policies and decreasing the risk of loss.

70% Speedier Onboarding Time
The process that used to take hours for reviewing documents was done in less than 60 seconds even during peak hours, which improved the rate of conversion dramatically.

Real-time Decisioning enabled
Internal teams are now able to approve or disapprove users immediately by relying on automated verification as well as risk scoring instead of using manual processes.

100% eKYC Compliance for new customers
By utilizing the use of audit logs, document trails and snapshots of verification, the system is fully compliant with UAE rules for onboarding as well as insurance regulations.

Improved Customer and Partner trust
Insurers are today more confident about the authenticity of leads and applications they got, while clients enjoyed an effortless safe and secure service.

Why It Matters

In the field of insurance, trust is paramount. Any one sloppy policy can cause massive lawsuits as well as regulatory fines and the loss of reputation. Digital platforms are not able to afford to accept a bad client, or delay in boarding.

Through combining identity verification and behavior-based fraud detection, Surepass helped this UAE-based aggregator create a secure and flexible onboarding process. It was able to identify fraudsters in the early stages, while legitimate customers were processed rapidly and easily.

This resulted in better results to everyone involved – customers, insurance companies and even the platform itself.