Bennetts rolls out new anti-fraud insurance solution

Bennetts, the bike Insurance specialist, has rolled out a new anti-fraud ‘point of quote' solution. The new technology, a first for the UK bike market, allows Bennetts to validate customer data across all sales channels to generate the most accurate risk profiles for its insurer partners. In addition, the new Data Hub will enable Bennetts to extend its quotability and competitiveness in areas of the market where traditionally it has not been as strong.
 
This is the latest development in the brand's already strong anti-fraud strategy, which utilises a range of measures to validate customer data. The Data Hub, which was developed by Bennetts' parent company, the BGL Group, takes this verification even further by accessing consumer information from a variety of sources, including publicly available credit data and electoral roll information.
 
Matt Long, Associate Director for Commercial at Bennetts, said: "Insurance fraud is not as prevalent in the bike market as it is in motor. However, it remains just as vital to be on the front foot when it comes to validating customer data. This will help to deliver multiple benefits both for customers and our insurer partners. Not only will this new solution drive better risk profiles for our panel, helping to reduce loss ratios, it also ensures that honest and genuine customers are receiving the best possible premiums based on their own individual information."
 
Matt continued: "The roll out of the Data Hub for Bennetts is a real first for the bike market. In addition to the anti-fraud and customer benefits, it will also allow us to extend our footprint in areas of the market where we have traditionally been less active. We are looking forward to developing the solution in conjunction with our insurer partners, to extract as much value as possible for all parties."