Digital Identity Verification and

Fraud Prevention for Insurance Protect the entire customer journey from underwriting to claim disbursements

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INTRODUCTION

Modern insurance starts with trusted identities

Every interaction—from new business intake to claims resolution—brings distinct risk exposures and operational demands. Yet a few core imperatives remain:

1 Identity must be validated with precision

2 Risk signals must inform decisions at the point of engagement

3 Member and beneficiary friction must be minimized

Leading insurers are meeting these imperatives with Socure. Whether it’s verifying applicants with limited PII during quote-to-bind, proactively flagging synthetic identities before policy issuance, or authenticating beneficiaries at the point of claim, Socure provides the digital trust infrastructure to strengthen every phase of the insurance value chain.

By embedding accurate identity verification and fraud risk analytics fueled by Socure's robust network identity graph, insurance carriers are reducing manual underwriting reviews, increasing straight-through processing, and safeguarding against financial leakage. Identity is no longer a downstream step—it’s a strategic lever for profitability, compliance, and member experience.

Gartner® Magic Quadrant™ 2024 Leader in Identity Verification

Recognized for Excellence in Financial Services and Insurance Identity Verification

Socure was named a Leader in the 2024 Gartner Magic Quadrant for Identity Verification, recognized for its ability to deliver exceptional fraud risk control, innovative forensic IDV technology, and strong vertical market alignment across industries like financial services

and marketplaces.

"Socure’s Predictive DocV combines fraud detection, contextual digital intelligence, and identity graph data to deliver a fully automated, high- assurance identity verification process."

- Gartner, Magic Quadrant for Identity Verification (2024)

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https://socure.com

Streamlining Identity Verification and Underwriting for Insurance

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CUSTOMER STORIES

Problems Solved: Faster customer onboarding, improved fraud detection, reduced underwriting costs

Overview A top national insurer needed to onboard new customers quickly and securely with minimal data. Traditional methods requiring full PII caused friction and allowed fraud to bypass detection.

Prioritizing early identity verification helped top insurers onboard faster, reduce risk, and cut costs.

Challenge Insurer needed a streamlined onboarding solution that would mitigate Abandonment and drop-off

Manual review

Exposure to synthetic fraud

Results

92% of identities matched using only phone and partial SSN

70%+ of profiles auto-completed with limited data

3x higher fraud risk detected in unmatched records

10%+ increase in auto-approvals for a second insurer

$1M+ projected annual savings from fewer manual reviews and cleaner data

Solution Socure’s AI-driven identity verification used prefill technology to complete profiles from minimal inputs. Its machine learning analyzed digital identity signals and risk factors to resolve identities accurately, reducing friction and boosting efficiency. The solution integrated seamlessly at the start of the underwriting funnel.

https://socure.com

Boosting Auto- Approvals and Reducing Underwriting Costs for Life Insurance

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CUSTOMER STORIES

Problems Solved: Increased auto-approval rates, enhanced data accuracy, reduced underwriting expenses

Overview A major U.S. life insurer aimed to modernize onboarding and reduce manual reviews that were slowing down the process and increasing costs.

‬‭Placing IDV before underwriting improves data accuracy, cuts costs, and streamlines the customer experience.

Challenge The existing verification system triggered too many false positives, requiring manual intervention for nearly 20% of applicants. This created friction for legitimate customers, slowed onboarding, and hindered operational efficiency.

Solution To solve this, the insurer partnered with Socure and implemented Verify+ alongside its full fraud suite at the start of the customer journey. This shift improved data quality before key decisions and reduced fraud risk by enabling Identity verification before underwritin

Advanced AI models to auto-approve more applicants with confidenc

A significant reduction in manual reviews and friction

Results

10-15% increase in auto-approvals (from ~80% to 90%+)

$1M+ projected annual savings from fewer manual reviews Lower fraud exposure and improved operational efficiency

projected annual savings from fewer manual reviews and cleaner data

https://socure.com

Unlock your competitive edge with RiskOS

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USE CASES

Protect every step of the policyholder journey with RiskOS, Socure’s unified fraud, compliance, and risk decisioning platform. With an intuitive, no-code interface, your team can build dynamic, configurable workflows and easily test, optimize, and deploy rule changes in real time.

New business and underwriting

Incomplete PII records for insureds & beneficiaries

Inforce contract servicing

Policy disbursements

Claims (death, disability, LTC, property & casualty)

https://socure.com

New business and underwriting

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USE CASES

At the first touchpoint—during quoting or application—insurers must quickly determine whether an identity is real, synthetic, or misrepresented. Socure helps carriers assess this risk upfront, before underwriting begins. Machine learning models evaluate digital signals like phone, email, and address risk scores in real time, while identities are screened through PEP and OFAC watchlists and verified via eCBSV.

Low-risk applicants move forward seamlessly, with identities resolved from minimal inputs. Higher-risk submissions trigger step-up verification using Predictive DocV or SIM swap analysis. This layered process blocks fraud schemes such as premium refund scams, STOLI policies, and false disclosures, while cutting manual reviews. KYC, sanctions screening, and fraud detection are embedded from the start—ensuring compliant, efficient underwriting.

$ Digital Intelligence

$ Verify+ (KYC + Identity Verification)

$ Sigma Identity Score

$ Phone Risk + Email Risk + Address Risk Scores

$ Global Watchlist

$ eCBSV (Social security admin connection)

Step up:

Low risk

Step up:

High risk

$ Predictive DocV (Government ID/Selfie)$ Phone Risk Score + SIM Swap

$ OTP

New business and underwriting

Incomplete PII records for insureds & beneficiaries

Inforce contract servicing

Policy disbursements

Claims (death, disability, LTC, property & casualty)

https://socure.com

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USE CASES

Incomplete PII records for insureds & beneficiaries In insurance, gaps in identity data aren’t just operational burdens— they’re openings for fraud. Many carriers manage sprawling books of business with missing or outdated PII for key stakeholders. To proactively address this risk, insurers use Socure’s AI-driven Portfolio Scrub to cleanse and validate identities across the full policy ecosystem.

This automated solution ensures every party—whether a policyowner, annuitant, power of attorney, beneficiary, agent, or third-party administrator—can be accurately verified. By addressing data hygiene across all roles, Socure reduces fraud exposure and strengthens authentication readiness for downstream events like policy changes, payouts, or claims.

Portfolio Scrub

$ Verify+ (KYC + Identity Verification)

$ Phone RiskScores

$ Sigma Identity

$ Sigma Synthetic

$ Deceased record checks

New business and underwriting

Inforce contract servicing

Policy disbursements

Claims (death, disability, LTC, property & casualty)

Incomplete PII records for insureds & beneficiaries

https://socure.com

Inforce contract servicing

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USE CASES

Policy maintenance activities—like changing a beneficiary, updating a mailing address, or assigning a new power of attorney— can open the door to account takeover if not properly secured. Insurers use Socure’s machine learning-driven RiskScores to detect high-risk behavior such as SIM swaps, email compromise, and change-of-address scams.

Low-risk transactions proceed frictionlessly, while high-risk ones trigger a step-up to Predictive DocV. This tiered approach protects policyholder accounts while reducing the need for manual review, enabling fast and secure authentication in even the most sensitive policy servicing scenarios.

Login & Authentication

$ Digital Intelligence

$ Phone Risk + Email Risk + Address Risk Scores

Step up:

Low risk

Step up:

High risk

$ Predictive DocV (Government ID/Selfie)$ Phone Risk Score + SIM Swap

$ OTP

New business and underwriting

Incomplete PII records for insureds & beneficiaries

Policy disbursements

Claims (death, disability, LTC, property & casualty)

Inforce contract servicing

https://socure.com

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USE CASES

Policy disbursements When it comes to policy disbursements—whether it's a surrender, annuity payout, dividend withdrawal, or loan—carriers must validate that the funds are going to the correct account and rightful owner. Socure provides real-time account verification and digital intelligence that insurers use to confirm account status and detect first-party fraud.

Low-risk transactions are processed seamlessly, while those with heightened risk are escalated to step-up measures such as DocV, SIM swap analysis, or OTP. This ensures policy funds are disbursed efficiently and securely, without exposing the insurer to financial leakage or fraud.

Bank Account Verification

$ Electronic funds transfer

$ Digital Intelligence

$ Account Intelligence

$ First-Party Fraud

Step up:

Low risk

Step up:

High risk

$ Predictive DocV (Government ID/Selfie)$ Phone Risk Score + SIM Swap

$ OTP

New business and underwriting

Incomplete PII records for insureds & beneficiaries

Inforce contract servicing

Claims (death, disability, LTC, property & casualty)

Policy disbursements

https://socure.com

Claims (death, disability, LTC, property & casualty)

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USE CASES

Claims are high-stakes moments—especially in cases of death, disability, or long-term care—and verifying claimant identity is critical to preventing fraudulent payouts. Socure helps insurers confirm beneficiary details such as name, DOB, SSN, and address, while simultaneously evaluating digital risk signals across phone, email, and location attributes.

If inconsistencies arise, Socure automatically steps up the authentication process using Predictive DocV to resolve identity conflicts without defaulting to manual review. This approach balances speed with security, enabling faster, safer claims adjudication and payout.

Authentication

$ Validate death claim beneficiary

$ Validate claimant (LTC/disability)

$ Digital Intelligence

$ Phone Risk + Email Risk + Address Risk Scores

Step up:

Low risk

Step up:

High risk

$ Predictive DocV (Government ID/Selfie)$ Phone Risk Score + SIM Swap

$ OTP

New business and underwriting

Policy disbursements

Incomplete PII records for insureds & beneficiaries

Inforce contract servicing

Claims (death, disability, LTC, property & casualty)

https://socure.com

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WHY SOCURE

Product/

use case mapping

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Build trust, cut fraud, and move faster with Socure.

© Socure 2025, Inc. All rights reserved.

Socure is the leading provider of digital identity verification and fraud prevention solutions, trusted by the largest enterprises and government agencies to build trust, reduce friction, and eliminate fraud across the globe. With coverage across 190 countries and 2,800+ customers—including 18 of the top 20 banks, the largest HR payroll platforms, more than 30 government agencies, and over 500 fintechs—Socure delivers industry-best accuracy, automation, and capture rates.

Following its acquisition of Effectiv, Socure now offers end-to-end identity fraud and payment risk management, with advanced capabilities in transaction monitoring, credit underwriting, and know-your- business (KYB). Leading organizations including Capital One, Citi, Chime, Gusto, Robinhood, DraftKings, and many more trust Socure to power digital trust in onboarding, authentication, payments, account updates, and compliance.

https://socure.com