The insurance industry has traditionally remained tight-lipped over its exposures to fraud, yet time...
The insurance industry has traditionally remained tight-lipped over its exposures to fraud, yet times have definitely changed with hardly a day seeming to go by without someone from the industry popping up on the television or radio to talk about the latest insurance fraud detection initiatives.
Whether this has been inspired by the big stick of the regulator, financial pressure or just a wide spread realisation that the industry was being taken to the cleaners - it can only be a good thing.
And in what are undeniably uncertain economic times, one thing at least that we can be certain of is that opportunistic, pre-meditated and organised insurance fraud will all increase.
As of course will genuine claims. This is the rub: how many hoops at both the policy inception and the claims reporting ends should insurers put policyholders through?
Too many at the sales end and they may go elsewhere, yet too few and the insurer leaves itself wide open.
These issues become even more relevant with internet-based business. Just as it is easier than ever to purchase insurance, so it is also easier for fraudsters to manipulate and falsify information.
Where the different insurers and, in future, brokers and aggregators, draw the line is today a commercial decision for each business - a reflection of their overall risk appetites.
Yet as the industry has shown with organised crime, a joined-up approach can benefit the whole industry.
Post's Fraud conference was subtitled 'collaborating for change' - this must remain a key driver if the industry is to continue to stride forward in both the prevention and detection of insurance fraud. This means collaboration among insurers, brokers and other distribution channels; between the industry and its supply chain; and collaboration among the police, the judiciary and others.
In association with
Keoghs LLP is dedicated to the insurance industry and has 40 years' experience in handling claims, pre and post-litigation. Keoghs Counter-Fraud Services unit was established 10 years ago. With 40 clients and 130 staff, it is one of the largest and most authoritative counter-fraud resources in the country. Keoghs has 'across the board' fraud expertise that spans all lines of business: in addition to motor fraud, dedicated, specialist teams deal with fraud-ring investigations, low-speed impact claims, liability and property fraud. A specialist division, Keoghs Intelligence Services, provides analytical, investigative and intelligence services at all stages of the fraud life-cycle.
Berrymans Lace Mawer is a national law firm with a long-standing reputation for insurance work. BLM's fraud specialists have the appropriate legal expertise to deliver a comprehensive service covering every aspect of fraud, whether it is detecting and handling fraudulent claims or freezing assets and recovering funds from fraudulent employees or service providers.
DWF LLP is a leading national law firm with offices in Leeds, Liverpool, London, Manchester and Preston. Its insurance team is one of the largest in the UK, numbering over 330 people (including 48 partners and 170 legal advisers) that offer a range of specialist services to insurers, loss adjusters, corporate clients and police forces. The DWF counter-fraud team acts for many of the UK's leading insurers, banks and commercial institutions and is entrusted with some of their most high-profile cases, handling insurance claims of every kind from household through motor and complex commercial fraud. The firm prides itself on providing outstanding client service that combines excellent commercial advice with an approachable style.
Fair Isaac is a leader in decision management. In the area of fraud, the company has developed powerful analytic and rules-management solutions that help its clients anticipate, identify and mitigate the risk of financial crime. Its global expertise in real-time fraud detection has saved its clients billions of dollars and made it a market leader in card fraud.
Halliwells LLP is an award winning national law firm. It is both a UK top-30 and European top-100 law firm. Halliwells is committed to the supply of legal services in a pro-active, efficient and solution-driven manner. Investment in technology has also put the firm significantly ahead of its competitors in a number of key areas. It is committed to providing the highest quality service with a common sense and commercial approach through real understanding of its clients' business priorities and requirements. The key to its success is in adding value to its clients' businesses continually.
Hill Dickinson LLP helps identify, manage and combat fraudulent activity, and provides a comprehensive counter-fraud solution to the insurance industry. It is at the forefront of developing and utilising the latest technology to capture and analyse cross-sector claims data through its market-leading anti-fraud database, 'Netfoil', recognised as one of the largest linked databases in Europe. Hill Dickinson's dedicated sector teams comprise legal, intelligence and investigative experts, providing a cost-effective and streamlined counter-fraud solution driven by strategic, tactical and creative thinking.
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