Fraud
CFC's Dave Walsh on driving innovation in the insurance industry
Innovation in insurance should focus on continually challenging our processes, our technology and our people to deliver what our clients want writes Dave Walsh, CEO of CFC Underwriting.
Analysis: 19th Century insurance frauds
Scandal, fraud, deception and rabid profiteering have never been far away from the insurance industry. Indeed, it is probably fair to say they have been uneasy bedfellows ever since the modern insurance industry started to lay its foundations in this…
Gallagher and hotel group reach agreement over alleged Heath Lambert 'secret profits'
Gallagher and Bloody Bay, which is locked in a legal battle with Besso, have reached an out of court agreement over alleged “secret profits” taken by a former Heath Lambert and later Besso employee, Post has learned.
Analysis: Rise of the clones
Insurance clone warnings doubled last year, as fraudsters got creative in their attempts to scam the public. Post investigates the rise of the clones and asks why it is so tough to police these fraudulent firms
This week: The wait is over
The wait began in 2017, and many of us felt that the agonising limbo might never end. But after two and a half years, the wait is finally over. That’s right: Kesha’s new album is out today.
Blog: Insurance fraud trends to look out for in 2020
Protecting customers online is becoming increasingly difficult. Brooke Snelling, senior manager at Iovation, a Trans Union company, highlights areas where insurers should be using tools to prevent fraud.
Experts tackle ethics of AI in insurance
Big data is not a game played by different rules, delegates at an insurance artificial intelligence ethics conference were today reminded.
Australian regulator warns of insurance scammers in wake of fires
Australians whose property has been damaged by the ongoing bushfires should beware of “fictitious or unscrupulous tradespeople, repairers or firms offering to assist them with their insurance claim”, the Australian Securities and Investments Commission…
Interview: James Long, Criterion MD
James Long assumed the position of managing director at Charles Taylor-owned loss adjuster Criterion in 2018, after 6 years at the company. He spoke to Post about the challenges the high net worth sector is facing, as well as predictions and plans for…
FCA issues warning over clone broker
The Financial Conduct Authority has issued a warning over an unauthorised firm pretending to be Speedy Insurance.
Blog: Shorter and flexible trial schemes - why aren’t insurers using them more?
Insurers will know that the litigation process is neither short, nor timely. Yet, that is changing, writes Stephen Netherway litigation partner at City law firm Devonshires.
Bumper year for FCA fines and unauthorised firm warnings
The Financial Conduct Authority issued 522 unauthorised firm warnings and an unconnected £227.3m in fines for the year up to March 2019, both signifying a jump.
Blog: Future-proofing the broker model
The insurance market seems stuck on the idea that digitisation and a move to app-based insurance products, will negatively impact brokers. Inzura CEO Richard Jelbert explains why they should be seen as an opportunity instead.
First Central looks to raise external investment to fund “ambitious plans for the future”
First Central Group is seeking external investment which will see its founders reduce their stake in the Guernsey headquartered insurance group, Post can reveal.
Blog: Model risk management in insurance - what does the future hold?
Risk management within the insurance industry has drastically changed within the last 10 years and, according to Henry Umney, CEO of Cluster Seven, this is mainly due to regulatory responses to the 2007 financial crisis.
Pet insurance fraud 'unlikely' to be the next cash for crash scam
While there is “no doubt” that pet insurance fraud goes on there are hurdles which mean it is probably not going to be the source of a cash for crash style insurance swindle, according to Robin Hargreaves, past president of the British Veterinary…
Go Compare joins Cifas
Price comparison website Go Compare has joined fraud-busting body Cifas.
Blog: Claims and Fraud – Collaboration will end the zero-sum game
Will the Post Claims and Fraud Summit on 21 November serve as another arena for the claimant and defendant sectors to go another nine rounds of verbal fisticuffs? Michael Lynch, head of insurance partnerships at Minster Law, offers his views.
This month in Post: Thomas Cook-up
In a week that was dominated by personal injury fracas, the revelation that Thomas Cook self-insured against all but the “very largest” PI claims may well take the cake for biggest botch up.
CBL Corporation delists from New Zealand Stock Exchange
CBL Corporation has delisted from the New Zealand Stock Exchange, effective from close of play today.
Grenfell fraudsters claimed £775,000 from the victims’ fund
Fraudsters have been convicted for falsely claiming a total of £775,000 from the Grenfell Tower victims’ fund.
Fraudster found guilty of explosion insurance scam that injured 81 people
Insurance fraudster Pascal Blasio has been found guilty of causing an explosion at his shop that injured 81 people and damaged or destroyed 63 buildings.
This week: All at sea
The fraudulent claims we’re used to hearing about involve banged-up cars and invented cases of whiplash. Ones involving oil tankers, pirates, the Admiralty Judge, and statements given in places as far-flung as Aden and Manila are somewhat harder to come…
Victory for insurers in $77m 'pirate attack' fraud case
A High Court judge has ruled that insurers do not need to cover the cost of an alleged pirate attack on an oil tanker because the ship’s owner was responsible for the incident.