FTI Consulting and ForMotiv Partner on Digital Behavioral Data Capture for Insurers
FTI Consulting, a global business advisory firm, and ForMotiv, a developer of digital behavioral data capture software and services, are partnering to deliver data capture capabilities and advisory services to insurers and other financial services companies.
ForMotiv's digital behavioral intelligence platform captures a digital DNA of applicants and web users. It provides new insights related to web session data-entry form behavior, such as hesitation, field re-entry, corrections, cut-and-paste, and hover times to help companies improve their predictive models.
The partnership combines this data capture and the financial services industry expertise of FTI Consulting.
"We are excited to share with our insurance and financial services clients this technology which uses web behavior to detect the actions of web applicants. The data is undeniable. ForMotiv can capture and deliver in real time new data to assist companies who need to know if an applicant has submitted incorrect data, either through a mistake or intentional misrepresentation. This will help insurers reduce application fraud and save consumers in the long run" said Peter Kelly, a managing director in the Global Insurance Services practice at FTI Consulting.
"We have invested a significant amount of time and talent to create a behavioral intelligence platform with the flexibility to meet the varying needs of insurers and other financial services companies. Based on each customer's objectives, we create a digital snapshot of what both negative and positive behaviors look like," said Bill Conners, president of ForMotiv, in a s tatement. "Following on our early success in North America, we are delighted to partner with FTI Consulting, whose industry expertise and global reach make them a best-in-class partner for us."