UK-based start-up HELLOSODA intends to use data to predict credit fraud before it happens

Country: UK
Year: 2015

A partnership with a big data analytics firm such as HelloSoda could lead to better estimation of premiums for a customer, and also help in the claims handling process
Leverage on an alternative set of resources to access data points in order to assess the client’s social profile and compete with other banks/insurers

Concept

HelloSoda’s specialty is to use Bayesian Belief Network principles to detect fraud risk, a process which relies on analyzing structured and unstructured data from social media, Internet blogs, and various interactions in cyberspace
These “psycholinguistic” techniques analyze structured data such as the number of Facebook friends someone has, creates predictions from unstructured data like blog posts, tweets and interactions between people in social networks, analyze aspects of people’s lives that a lot of lending agencies don’t necessarily look at, like life-changing events, frequency in honest reporting of personal statistics on the Internet, and various spending metrics on online commodities

Consumers including lenders and insurers can buy these analyses that use the data for specific marketing practices as well as monitoring gaming habits and spotting bot and fake accounts. These and other conventional metrics, such as residence and job description, seek to help lenders and insurers assess the true costs of lending and insurance, as well as spotting suspicious behavior even before the individual fills out his or her first loan document.

Partnerships with the firm HelloSoda, along with sharing of customer information can lead to a solid analysis on customers