Fraud Layer

The UK’s stringent Peps & Sanctions, Anti Money Laundering (AML) and KYC guidelines recommend a risk-based approach to fraud prevention. Working with some of the world’s largest suppliers Pact™ provides content and information for AML compliance, risk mitigation and enhanced due diligence for KYC and Peps and Sanction compliance. Pact™ enables businesses to quickly and easily identify high-risk claimants and manage them appropriately.

Pact™ can also provide vital business information for those more complicated commercial claims giving piece of mind when things get complicated.

Fighting fraud and financial crime is of the utmost importance to Pact™. For this we have connected into many third-party suppliers such as; CIFAS, CUE, etc, to give you the most up to date data to best serve you in the fight against fraudulent claims. Pact™ delivers a comprehensive fraud prevention and detection solution bringing together a multitude of machine learning algorithms and comprehensive workflow management to put real control into the hands of front-line investigation teams.

When it comes to travel insurance claims, flight stats are vital in the claim approval process. This is why we’ve partnered with some of the most cutting-edge data service providers in the world, focused across the travel ecosystem. Pact™ strives to tell the complete “story” of a flight – from what’s expected; to what is happening now; to what happened.

Pact™ uses big data, data processing, satellite imagery processing and other environmental data to verify weather conditions for claims. Pact™ can also use this data to help monitor patterns to predict claims volumes.

To keep our digital claims process as secure as possible we use Device Intelligence inside our journey. We use:

• 128-bit encryption
• Secure Socket Layers (SSL)
• One Time Passwords (OTP’s)
• Multi-layered personal identity verification’s
• Digital signatures
• Customer usage-based analytics monitoring
• Location services
• Bio-metics with fingerprint, voice and facial recognition
• Fraud prevention national databases

Pact™ rules engine is a system that executes one or more business rules in a runtime production environment. The rules might come from legal regulation, policy information, policy schedules, depreciation models, or other sources to streamline the business process making decisions faster and highlighting limits and other important information during the approval process.

Pact™ checks bank account data in real time as it is collected, not only this but we check who owns the bank account, not that it is just live. When your claimant is still present, they or you can quickly and easily correct any errors identified and ensure only valid bank account data enters your systems to improve the success rate of your payments

In an age where the internet is so readily available to everyone, it’s very easy for potential fraudsters to go on the internet and find images to help support a claim from receipts to pictures and videos of damage. Pact™ highly sophisticated fraud engine takes every image and video uploaded and verifies this image hasn’t been used anywhere else in the world at any time to keep you safe from these rogue images.

Talking to the industry, one of the biggest concerns is the accuracy of claims pricing. We have more than a million products available through the pricing platform, allowing verification and settlement recommendations for more than 95% of personal effects claims with suggested replacement values and as importantly the supplier – where to go to achieve the price. Pact™ delivers the lower prices, but also where the claimant can purchase the product, from a reputable seller confirmed using review websites such as Trust Pilot.

If you have your own product network, again, via a very simple API Pact™ can integrate these partners in to our platform giving you the best of both worlds.

For the estimated 5% of products that Pact™ cannot find, it uses the underwriter’s depreciation model, which is applied making sure all claims are 100% covered 100% of the time.

Pact™ reconciliation platform can work with partners in one of two ways. First by supplying reports for reconciliation of claim payments; quickly, easily and meeting any insurer, broker, claims handler or underwriter requirements. If wanted, this data can be sent back into our partners’ CRMs or accounting platforms.

Secondly, Pact™ superior reconciliation platform is also linked to highly sophisticated banking technology and to ring-fenced bank accounts to pay a successful claim on behalf of the insurer, broker, claim handler or underwriter. Pact™ can pay claims in 26 currencies; using Faster Payments, BACs, SEPA, ACH and SWIFT and is connected in to various worldwide card payment acquirers for those important sales and renewals.

Pact™ has built an inventory management system called Vault. It provides the unique ability to identify customers most important personal effects. It streamlines the identification of damage or lost goods. Customers identify policy cover and limits for valuable items up front, which eliminates any potential conflict during the claims process. Vault allows customers to select the product during the claim, rather than adding all the detail. Vault creates a comprehensive list of personal effects and provides insurers and underwriters the opportunity to more accurately price their policies as they better understand the customers insured values.

Travel
Pact™ medical screening service works to reduce international medical risk for travel industry. Pact™’s comprehensive, cost effective digital solution for assessing the health risks facing your policyholders and their dependants. Our extensive intelligence of international medicine, combined with Award winning software, means we are able to provide a robust evaluation of potential medical risks involved in any overseas assignment and enable appropriate preparations to be made.