Equifax and Truepic Partner to Enhance Trust and Transparency in Insurance Underwriting and Claims
Integration of Truepic Virtual Inspection Platform With Equifax Insurance Solutions Helps Insurance Carriers Quickly Streamline Interactions, Weed Out Fraud and Reduce Costs
ATLANTA and SAN DIEGO, March 2, 2022 /PRNewswire/ -- Today, Equifax® (NYSE: EFX), 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."
About Equifax Inc.
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 13,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com.
Founded in 2015, Truepic develops the world's most secure camera technology for mobile devices. Truepic is the pioneer of secure media provenance through its patented Controlled Capture technology, which empowers viewers to make better-informed decisions through high integrity photos and videos. The Truepic team is dedicated to restoring trust in every pixel of consequence, with the goal of having a shared sense of visual reality across the internet.
FOR MORE INFORMATION
Kate Walker for Equifax
Victoria Banaszczyk for Truepic
View original content to download multimedia:https://www.prnewswire.com/news-releases/equifax-and-truepic-partner-to-enhance-trust-and-transparency-in-insurance-underwriting-and-claims-301493371.html
SOURCE Equifax Inc.
Released March 2, 2022