Blog: Commercial insurance fraud risk rises when data is taken at face value
As home and motor insurance providers employ ever more sophisticated tools to help identify application fraud and crack down on claims fraud, the risk is that the smaller end of the commercial insurance market could be next in line for a serious uptick in fraud, writes LexisNexis Risk Solutions’ Martyn Mathews.
This corner of the market has been slower to adopt the type of data enrichment and counter fraud techniques seen in personal lines, leaving the door potentially ajar for fraudsters to exploit important gaps in knowledge about a small business and its directors.
Against this backdrop, the insurance market is acutely aware of the increasing financial pressures on individuals and businesses and high rates of business insolvencies as pandemic support measures have eased back.
We all know that when
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