New fraud product from Validus could save insurers millions

fraud

According to the Norwich based insurance services firm, the anti-fraud software, AskLudo, has successfully identified and investigated up to £2m of credit hire savings from almost 250 separate cases.

The system works by cross checking the claims data submitted by the insurer against all claims in the database every 24 hours in order to identify overlapping hires, phantom hires, exaggerated or inflated hire, and recovery or storage claims.

When a match is spotted the insurer receives an alert

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected].

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: