Experian India, today announced the launch of Hunter Fraud Management Services for the life insurance sector in India. The offering will help life insurance companies to be a part of the Hunter Closed User Group (CUG) for detection of life insurance frauds.
Life insurance companies who join the CUG will share with Experian any data relating to new policy proposals and claims. The credit information company Experian has also signed on 15 life insurance companies in India for this repository. In India, Experian is the only provider of application fraud detection services using National Hunter. We have over 43 banks sharing data in the CUG and using the Hunter services to identify potential fraudulent applications. Today, more than 50% of retail banking applications are screened through National Hunter on a monthly basis.
Talking about the relevance of this platform, Mr. Mohan Jayaraman, Country Manager, Experian India said, "Over the past 10 years, the Indian insurance industry has grown at a compounded annual growth rate of around 20%. However, with the exponential growth in the industry, there has also been an increase in frauds. With life insurance companies now being added to this framework, Experian will be able to pull out fraudulent applications or policy proposals quickly."
