With stories of fraud escalating by way of worth or quantity, the position of brokers in combatting these crimes shouldn’t be underestimated. Edward Murray appears on the controls, validation instruments and processes being carried out to help each detection and prevention.
The Affiliation of British Insurers values detected fraud within the UK insurance coverage market at £1.1bn (2022).
In 2023, Allianz Business stated it had uncovered £77.4m price of fraud, whereas Zurich UK stated it had sniffed out £78.5m.
Given the quantities at stake, it’s no shock the business is ramping up its crackdown on fraud, and that there’s a rising curiosity within the components performed by every stakeholder within the insurance coverage lifecycle.
Brokers’ position in preventing fraud
Understanding your core strengths and figuring out
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