Supporting corporate venturing

The Brief

Global insurance fraud detection market size was valued at $3.3 billion in 2021 and is projected to reach $28.1 billion by 2031. Our client was a global insurance company seeking innovative solutions to enhance the security of their digital channels.

Existing authentication methods posed significant challenges including:​

• Complex, time-consuming processes frustrated users, impacting satisfaction and engagement.​
• Inefficiencies and vulnerabilities incurred substantial costs, including fraud losses and increased operational expenses.

Our Solution

We worked with several business units to understand the customer journey, the points of friction and the cost of dealing with lost passwords applying the current solution. ​

The data was used to source startups and scaleups with tech that met the specifications. We then delivered our Tech Studios© with 3 shortlisted companies to select the solution to be piloted.​

We supported the client to design the pilot, define KPIs (Failure-to-Enrol (FTE)), False Acceptance Rate (FAR), and False Rejection Rate (FRR) and validated the results in a testbed environment. ​

This included a rigorous two-day testing phase, ensuring the reliability and compatibility of the startup’s solution within the existing infrastructure.

Results

• 100% Accuracy: ensuring that only authorised users were granted access to the digital channels​
• 100% achievement of KPIs including 0% FTE, FAR and FRR​
• Cost saving to the insurer per customer engagement​