How Synthetic Identities Are Impacting the Insurance Industry

Fascinating subject with lots of angles to explore :
synthetic IDs in insurance is not new and in my view just more of a topic for discussion as insurers have upped their game and made better use of data to detect fraud
although ... potential rise in synthetic IDs can be correlated to insurer adoption and use of credit bureau data at point of quote (limiting the use of wholly false IDs to obtain policies - be this for policy fraud, as a precursor to claim fraud or to enable organised crime)
there's certainly ways to reduce exposure, especially at point of quote - entity resolution has a role to play, as does additional data validation points (e.g. email / phone / device) and layers such as payment auth and verification
for me the challenge is less around can it be identified and more around layering all the solutions in the most cost effective ROI strategy WITH optimal integration into a friction appropriate customer journey
I think far more fun is the emerging claims space - with litigants in person and organisations under desperate pressure to control 3rd party claims costs through early intervention - how to spot, weedle out and manage synthectic IDs used in claims
Probably worth calling out that synthectic IDs are, arguably, more of an enabler rather than a fraud loss per se (e.g. the fronted policy used by a ghostbroker to cover their clients as additional named drivers etc)
Would like to hear more feedback on the group on strategies for optimising the layers of data and solutions, especially in a real time high trading volume (point of quote) environment.