Fraud, as the sub-title to our conference underlines, really does impact us all - as policyholders, ...
Fraud, as the sub-title to our conference underlines, really does impact us all - as policyholders, shareholders, tax payers and, of course, all of you working in the sector - in terms of time, money and reputation.
Insurance fraud is arguably the most pressing problem facing the general insurance sector - be it the trivial and opportunistic or the serious and organised. It impacts not only personal lines but also commercial lines - with the Association of British Insurers estimating the latter accounts for at least half a billion pounds.
During the past decade and beyond, there have been many well-meaning attempts to combat fraud; but real progress has only really been made in the past 18 months with the government - through the Fraud Review - the regulator, and the industry, which is now fully embracing the need for a co-ordinated approach.
Individual insurers have embraced pilots for new technology, new models and new processes. The creation of the Insurance Fraud Bureau, although unproven, is also undoubtedly a huge step forward.
Of course, putting a theoretical fraud strategy into practice is not so simple but the industry is at last starting to make some progress.
There is a long way to go but every journey starts with a single step, and we hope this supplement, and this conference, help.
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