US data and analytics firm Equifax has formed a new partnership with provenance-based photo and video authentication provider Truepic.
The partnership is aimed at helping P&C insurers streamline the inspection process, mitigate fraud, and reduce costs for the insureds.
As per the agreement, Truepic’s flagship inspection offering Truepic Vision will be integrated into Equifax’s fraud prevention suite for insurance firms.
Equifax United States Information Solutions chief revenue officer and senior vice president of global partnerships Joy Wilder Lybeer said: “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.
“When it comes to virtual inspections, the risk is all in the viewfinder – making new photo and video authentication and verification solutions critical to the claims and underwriting process.”
Truepic uses its patented technology to verify digital media and the data associated with it that includes pixels, time, date, location, orientation among others from when the image was captured.
The information, which is encrypted to prevent tampering, is then used by insurers to make informed underwriting decisions.
Truepic founder and president Craig Stack said: “Truepic and Equifax are committed to identifying and stopping fraud through various channels, particularly in visual media.
“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.”
In December 2021, Equifax allied with cyber insurance firm BOXX to launch an identity theft protection solution.