Insurance fraud remains one of the biggest challenges for UK insurers, costing billions each year and impacting honest policyholders.
The latest figures from the Association of British Insurers (ABI) reveal £1.1 billion in fraudulent claims were detected in 2023, a 4% increase from the previous year.
Our most recent article explores how insurers are rising to the challenge with advanced detection technologies and investigative tools helping them to identify and prevent more fraud as fraudsters continue to develop more sophisticated schemes and scams.
Topics covered include:
- Rising Fraud Cases: 84,400 fraudulent cases were uncovered in 2023, with motor insurance being the most targeted sector.
- Types of Fraud: Includes crash for cash, ghost broking, manipulated documentation, exaggerated claims, and professional enabler scams.
- Technology in Fraud Prevention: Introduction of Sherlock, a tool for immediate risk profiling and improved operational efficiency.
- Industry Impact: Significant improvements in fraud detection by insurers like Allianz UK and Ecclesiastical Insurance.
