Sunday 24 June 2018

Staff 'key' in fight against insurance fraudsters

Identifying concerns at the earliest stages ‘critical to preventing fraudulent claims’, said Insurance Ireland CEO Kevin Thompson
Identifying concerns at the earliest stages ‘critical to preventing fraudulent claims’, said Insurance Ireland CEO Kevin Thompson
Ellie Donnelly

Ellie Donnelly

Insurers are investing more in technology and investigation units to tackle the challenge of insurance fraud, with 97pc of fraud experts of the opinion that the digital age will increase fraudulent behaviour.

Despite the increased spend in technology to detect insurance fraud, three-quarters of those surveyed believe staff vigilance is the most successful tactic to identify fraud.

The remaining quarter of respondents cited technology and analytics as being the best way to spot fraud, according to a survey carried out by Accenture in partnership with Insurance Ireland ahead of the annual Insurance Ireland Fraud Conference today.

When asked about actions insurers were taking to combat fraud, eight in 10 respondents pointed to an increased use of analytical tools, while three-quarters of those surveyed highlighted a greater focus on fraud investigations.

Of those surveyed, 70pc said that they have seen an increase in organised fraud such as fraud rings in the past 12 months.

Kevin Thompson, CEO of Insurance Ireland, said: "For insurers, deterring fraudulent activity and identifying it at the earliest stages is critical to preventing fraudulent claims."

Irish Independent

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