As the cost-of-living crisis bites, Insurance teams are under pressure to fight increasing levels of fraud.  

Allianz Commercial’s saw an up-tick 11.2% of Insurance fraud in 2022 – equating to £7.1m in losses – according to their latest figures (source), and Aviva reported a 16% rise in application fraud in 2021 (source). 

Added to this The Insurance Fraud Bureau (IFB) reported a 17% increase of consumers being added to the Insurance Fraud Register over the last 12 months, prompting them to launch a campaign called Don't Chance Fraud! helping to bring awareness to the problem.

In line with upcoming Consumer Duty regulations – it’s important now more than ever that businesses consider how to prevent fraud whilst still protecting good customers and treating them fairly. Preventing fraud means letting more genuine customers in as well as keeping fraudsters out.

Taking a proactive approach to better customer data to detect fraud at the point of onboarding can help you reduce losses, improve the customer experience and build trust.  

We sit down with insurance innovators and fraud prevention specialists to discuss how they have taken a proactive approach to their data strategy to help beat insurance fraud.