The Post events team are uniquely placed to create event programmes tailored to the changing needs of the market. Working alongside the editorial team and industry advisors means content for Post events is focused on the key issues affecting the insurance industry.
While fraud practices have evolved over the years, in more recent times insurers have been able to better detect fraud and have seen significant savings.
The Insurance Fraud Bureau has partnered with Shift Technology to help better detect fraud and ultimately protect people in a rapidly changing fraud landscape. As fraudsters become increasingly sophisticated the insurance industry needs to adapt to respond as quickly and effectively as possible.
The IFB has seen changes in the way organised fraudsters carry out crash for cash scams – with the evolution of contrived, staged and through to deliberately induced collisions putting UK motorists' lives at risk. Historically, fraudsters relied on personal injury claims after these fake collisions, but this has developed to include claims for associated costs such as vehicle storage, recovery and the hire of replacement vehicles. There has also been a rise in application fraud where scammers are using an individual's personal information or fabricating details.
During times of recession, the frequency of scams has the potential to increase significantly.More information
Insurers are grappling with rising escape of water claims costs. One of the most common types of domestic property damage claims, insurers are paying out an estimated 2.5 million every day, according to the ABI. While most claims are genuine, fraudulent claims in property are on the rise with the ABI reporting that in 2019 there were 27,000 dishonest claims detected worth £124million – a rise of 30% in number and 8% in value in 2018.
Technology can play a key role in providing insurers with better oversight of the claims process as they have all the information they need in one place, while also proving direct customer service, reducing claim lifecycles and leakage to lower costs.
Insurance companies hold large volumes of customer data across the insurance value chain, however the systems that contain this data are usually slow and outdated. Insurers need to expand their offerings with agile data platforms that can help drive better business insights.
A primary challenge in building a data asset is being able to ingest the data required in a timely and cost effective manner.
With new and evolving requirements for organisations around data privacy, the protection of personally identifiable information drives the need for robust processes to handle data and ensure that appropriate measures are applied consistently, especially when additional data sources are added. However, taking a brute force approach to bringing data into an asset may lead to ballooning costs and could lead to ongoing development issues that will be difficult to rectify.More information
Attracting 2,000 guests from all over the country, the BIAs are truly a night for the whole insurance community. 28 categories cover general insurance, SMEs, claims specialists, brokers, underwriters and companies that provide services to the UK insurance sector.More information