Association of British Insurers (ABI) has disclosed the number of fraud cases in 2017 and according to their research and included dishonest applications for the first time in their analysis.
The number that was revealed earlier this year was 562,000, and the researchers have divided this number into fraudulent claims – 113,000 cases and 449,000 of confirmed or suspected dishonest applications, where applicants have concealed or directly lied about the nature of the accident.
The analysis has also shown more detailed report from every industrial division and the value of each.
- 1% risen value of dishonest insurance claims, despite the lowered number of such cases.
- 4% more fraud cases detected by the motor insurers. This industrial sub-section remains to be the most vulnerable.
- 11% less fraud instances in property claims
- 22% decreased number of organized frauds compared to 2016.
In the digital world it has also become easier to analyze the trustworthiness of claims.
For example, ABI has also described some outstanding instances, one of which was the bodybuilder who has claimed £150,000 for back injury, but later was caught up being filmed doing a press-up challenge.
Overall the research has shown that compared to the previous year, the number of fraudulent claims has decreased by 8%, showing how fast industry professionals are able to adapt the knowledge and experience to detect counterfeit claim and improve the industry standards.
Anno Lucis also provides the opportunity for you to learn more about the risk management and fraud detection from industry leaders. Lear on real-life examples from Zurich Insurance, Achema, AON, AIG, Coya AG and many others on 2nd Annual Insurance Claims Innovation Summit in Frakfurt.