Less of a Quarter of Insurers Are Sufficiently Fighting Fraud Before the Claim| FC Business Intelligence
Despite 67% of insurers listing fraud before the claim as one of their top priorities in a recent survey, only 22% felt that they were successfully dealing with it.
City, Country, July 1, 2015 (Newswire.com) - Despite 67% of insurers listing fraud before the claim as one of their top priorities in a recent survey, only 22% felt that they were successfully dealing with it.
That means that a huge majority of insurers are letting fraud slip in to their books unaware only to deal with it later at the claims stage. So, what are insurers doing to create better controls to detect fraud at the early stages?
“Detecting fraud during the onboarding process is not our biggest target. It’s hard to get the organisation on board with this” admits Vera Sønsthagen the Head of Special Investigations at Gjensidige in a white paper created by FC Business Intelligence Analytics in Insurance Fraud: The Fight before the Claim.
Getting the investment to support this endeavour is a struggle. Identifying the information and data about customers through a number of channels is one way that insurers are looking to get around the problems with budget.
In the same white paper, Gordon Rasbach the Global Head of Fraud Management at Aviva explains “Gathering data on known fraudsters is still the best defence against fraud on the front line.” But, he hesitates “There is good work going on about predicting events such as policy and claims fraud but they are far, far from maturity … It’s still very risky to rely on those on the front line.”
There seems to be a disparity between the need to deal with fraud in the front lines and the ability to successfully achieve this.
The white paper Analytics in Insurance Fraud: The Fight before the Claim is now available to download, simply access it here.
About FC Business Intelligence
FC Business Intelligence has been around for over 20 years and provides news, reports and events services across 30+ industry verticals. Our Financial Services department already runs several white papers, surveys, webinars and conferences in the Insurance, Banking, and Asset Management space.
Marsha Irving, Head of Financial Services, FC Business Intelligence
T: +44 (0) 207 422 4353| E: [email protected]
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Tags: Claims, Fraud, Fraudster, Insurance, Pricing, Underwriting