2023 Fraud EM

As the first line of defence against fraudsters, your role in identifying and preventing fraudulent activities is more crucial than ever. It is important that we work together to safeguard our policyholders from these third-party fraud attempts. To effectively combat fraud, knowing your customers and remaining vigilant is essential.

To shed some light on the issue, here are a few examples of the fraudulent activities we have seen:

  • Individuals are using details of existing businesses in an attempt to take out policies, making it difficult for data enrichment to detect.
  • Individuals are posing as policyholders without any actual involvement with a business.
  • Individuals are attempting to add vehicles to Fleet policies that aren’t owned by the business.
  • Submitted claims experience is being manipulated or fabricated, so look out for inconsistent formatting within documents.
  • Claims experience submission is virtually clean and includes a variety of vehicles currently insured with direct insurers – if it seems too good to be true, it normally is.

It is important that we all remain on high alert and complete thorough customer and business checks, especially when dealing with new business quote requests.

Fraudulent claims also contribute to the increase in premiums which are already facing challenges posed by inflation. It is our collective responsibility to minimise the impact of fraud and ensure fair pricing for all our policyholders.

If you come across any suspicious activities or suspect someone of insurance fraud, please report them immediately to the Insurance Fraud Bureau (IFB) Cheatline at 0800 422 0421.

Thank you for your continued support in our ongoing efforts to combat fraud and protect our policyholders.

Martin Hall, Active Underwriter

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