TransUnion has turned to Neuro-ID’s Friction Index Platform and Fraud Solutions to minimise friction, as well as detect behavioural fraud and risk.
During an online quote or claim process, Neuro-ID’s Friction Index Platform flags points of friction, hesitation and confidence.
The Platform is said to help optimise conversion and minimise risk. It offers carriers a new source of behavioural data to power their digital transformation efforts.
The global spending on digital transformation innovations and services will reach $1.97trn in 2022 according to IDC projections.
However, Neuro-ID observes that nine in 10 customer journeys still cause frustration, failure or fraud. This is said to be due to the lack of the companies’ adequate visibility into the digital body language of their customers.
TransUnion insurance business unit head and executive vice-president Mark McElroy said: “Our insurance customers have an insatiable appetite for new sources of data to help them make better and smarter decisions while providing consumers with great experiences.
“As a result of this partnership, we will be able to enable more trusting relationships between insurance carriers and their customers. Neuro-ID unlocks the ability to scientifically measure and explain the friction and fraud behaviours their customers are exhibiting in real-time.”
Neuro-ID CEO Jack Alton said: “TransUnion’s legacy of bringing innovation to the market, and their leadership in assisting individuals, fits perfectly into our mission of humanising the digital experience.
“With nearly 100% of commerce moving online in recent weeks, it is now more important than ever to understand the experience, behaviours and intent of applicants.”
TransUnion is a global information and insights company. It provides clients with solutions that help create economic opportunity and personal empowerment.