WINDSOR, Conn., Aug. 28, 2018 – LIMRA and LOMA will host a hackathon on September 10-11, 2018, to develop the best proof of concept for a unique fraud information-sharing platform within the life insurance and retirement industries.
New LIMRA research finds three quarters of life insurance companies believe the incidence of fraud is becoming more prevalent in life insurance and annuities. More than half of companies are seeing an increase in fraud attempts in the defined contribution plan space. The study found the most common attacks center around account takeovers, claims and disbursements, which costs the industry billions of dollars.
“Part of the role that LIMRA and LOMA play is to provide a platform for our members to address emerging threats and identify cost-effective, industry-wide solutions,” said Paul Henry, corporate vice president and managing director of LIMRA Secure Retirement Institute. “We believe part of a comprehensive fraud prevention system for the industry should include a tool to allow companies to share detailed information about how fraud is being perpetrated in real time. We hope this hackathon inspires an idea for an effective, easy-to-use tool for the industry.”
LIMRA and LOMA are hosting this hackathon to bring together the industry’s best developers and designers to help create an innovative information-sharing platform. The platform should be designed to help financial services companies identify criminal attempt to defraud their customers and the companies themselves. Five teams of hackers, as well as in-house developers will build proofs of concept that would potentially alert companies to fraud threats around the industry.
Space is limited. Interested parties should contact LIMRA Communications.
LIMRA, a worldwide research, consulting and professional development organization, is the trusted source of industry knowledge, helping more than 600 insurance and financial services companies in 64 countries. Visit LIMRA at www.limra.com.
Established in 1924, LOMA is committed to business partnerships with over 900 worldwide members in the insurance and financial services industry. LOMA’s goal is to improve company management and operations through quality employee development, research, information sharing and related products and services. Visit LOMA at www.loma.org