In 2019, there were £1.2 billion fraudulent claims, and in the current climate of lockdowns, furlough and fear of the unknown future, there will be an increase in attempted fraudulent insurance claims. Having done some research over past times of hardship, history tells us this is fact not forecast or estimate. Taking the steps now to put you in a better position to combat this will help.
Fraud is often discovered because a pattern begins to emerge, but sometimes not until a huge amount of resource has been spent on the fraud, whether that’s financial, time, or energy. It is these same resources that are needed to help combat fraud as well, so by stopping fraud it actually gives you the ability to uncover more. One of the reasons investigations can take up so much of your valuable resources is the inability or difficulty in combining data from a range of sources.
If you imagine having a different system or process in the various countries or divisions in which a business operates in or having individual claims management strategies depending on the policy type being dealt with, then you can see how spotting that company X Ltd or Mr A N Other are serial claimants can take a long time.
The best management & reporting tools allow you to see the patterns emerging before you even think about it. If you are working in a busy claims department with many different people involved in the claim’s management process, then you need something more robust than hoping that if the same claimant name or address pops up then one of the team will notice.
ClaimControl has helped our customers spot repeat offenders and save money. It has allowed them to put safeguards and processes in place to protect them in the future. With modules that can import data about your vehicles and properties, combined with the ability to capture everything from a near-miss to a claim, users are alerted to repeated incidents or claims automatically, rather than checking just being another job on the to-do list.
Take a look around our website, request a brochure or demo or contact us to find out how we can work together.