Equifax and Truepic Partner to Enhance Trust and Transparency in Insurance Underwriting and Claims
Equifax, the global data, analytics and technology company, announced a new partnership with Truepic, a leader in provenance-based photo and video authentication. The partnership expands Equifax fraud prevention solutions for its insurance customers to include Truepic Vision, the company’s flagship digital inspection platform, bringing real-time transparency and trust to digital photo and video transactions from anywhere. This added offering is designed to help Equifax customers accelerate the property inspection process in originations, mitigate application fraud and facilitate the claim process for policyholders.
According to a study by KPMG, nearly 80 percent of insurance Chief Executive Officers in the insurance industry say that COVID-19 has “turbo-charged” progress around creating a more seamless digital customer experience. One of the critical insurance processes that have historically excluded digital methodologies is inspections. Rather than relying on time-consuming and costly physical inspections, adopting digital solutions can help solve the challenges of an ever-changing industry exacerbated by the pandemic. Truepic Vision enables Equifax insurance customers to adopt such digital solutions for a more efficient claim and underwriting process, without worrying about the risk of fraud that otherwise comes with relying on unverified photos and videos.
“Our partnership with Truepic underscores our commitment to meeting the ongoing needs of our insurance customers and helping them to solve new challenges in today’s rapidly evolving digital landscape,” commented Joy Wilder Lybeer, Chief Revenue Officer and Senior Vice President of Global Partnerships at Equifax United States Information Solutions (USIS). “When it comes to virtual inspections, risk is all in the viewfinder – making new photo and video authentication and verification solutions critical to the claims and underwriting process.”
Truepic’s patented technology verifies digital media and associated data including pixels, time, date, location, orientation and more from the moment of capture. All verified information is cryptographically sealed to certify and protect from tampering in real-time before media reaches the intended recipients. By verifying the integrity of images and associated data, Truepic brings greater trust to the visual sources businesses use to make underwriting decisions. This enables insurance carriers to make faster and better decisions while also providing a better experience for their insured, as the solution integrates seamlessly with a user’s smartphone.
“Truepic and Equifax are committed to identifying and stopping fraud through various channels, particularly in visual media,” said Craig Stack, Founder, and President of Truepic. “Two key areas that are top-of-mind for all organizations: improving customer experience and driving down costs. Together with Equifax, we look forward to helping insurance customers do just that.”
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