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Spotlight:

Insurance Fraud

Insurance Post’s 2024 Fraud survey found that opportunistic claims fraud, organised claims fraud, application fraud and identity fraud have all risen in the past 12 months.


This Spotlight series explores the changing shape of insurance fraud, the complex challenge for insurers, and the technological advances helping to mitigate the threat.

Fraud stats

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72%

Insurers who said ID fraud was most difficult to detect

29%

Firms whose fraud tech is ‘effective’ at point of quote (versus 88% at claims stage)

40%

Insurers that increased counter-fraud budget 10-25% in last 12 months

Views on fraud

“It’s not just the insurance companies; it’s the brokers, the claims managers and the aggregators. All need to buy into a common goal.”

Paul Brockway, director of insurance and investments, LexisNexis® Risk Solutions

“The risk to fraudsters from using AI to create synthetic identities is minimal; if the identity fails, it has no link to them, so they just try again until they get it right.”

Fiona Reeve, 
head of fraud, Ageas UK
 

“You don’t want to lose that customer journey... but you have to pick up fraud as well. 
How you balance the two is a real challenge.”

Neil Woodhead, 
casualty claims, 
Ecclesiastical

Read the articles:

Fraud on the rise

Key insights from Insurance Post’s 2024 Fraud survey

Mistaken identity
Stemming the tide of synthetic ID fraud

Expert view
Working together to tackle insurance fraud

Insurer Q&A
Comment from Insurance Post’s 2024 Fraud roundtable

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