Improving customer trust in quality data

Having already suffered considerable economic stress following the Covid- 19 pandemic, the ongoing cost-of living crisis is squeezing low and middle-income earners like never before. Such financial pressures are likely to lead increasing numbers of adults to engage in behaviour that, at other times, they would never consider, such as providing false information or making false or inflated claims on their policy.

Allied to this likely increase in opportunistic fraud, the insurance industry continues to get to grips with issues of identity theft and organised fraud rings while keeping costs under control in an increasingly competitive environment. This all adds to the pressure on claims teams to adopt technology that will deliver an accurate return on investment without a costly and time-consuming implementation process.

Oleg Zadalia, principal solutions consultant for ThreatMetrix, LexisNexis Risk Solutions, explores the most important findings from the Insurance Post Fraud Survey Report 2022. Not least the significant concerns held amongst members of the insurance community about the uptick in opportunistic fraud resulting from prevailing economic conditions.