In-depth - technology: The frontline in the fight against fraud
Brokers play a critical role in detecting fraud. Sam Barrett investigates how technology and collaboration are helping in the fight
This month’s In-depth is sponsored by LV Broker
An insurance fraud is detected every minute in the UK according to the latest figures from the Association of British Insurers (ABI). But, while the industry spends around £250m a year fighting the fraudsters, collaboration is key to stamping it out.
Although it’s an industry-wide issue, Nick Benham, head of customer services at the Insurance Fraud Bureau (IFB), says that brokers have a pivotal role to play.
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 info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Technology
Review of the Year 2024: VIPR Solutions’ Paul Templar
Paul Templar, co-founder and CEO at VIPR Solutions, would like to see the term ‘seamless integration’ consigned to 2024; predicts straight-through processing will become standard practice; and fancies his chances in the Dragons’ Den.
Review of the Year 2024: SSP’s Martyn Mathews
Martyn Mathews, MD of SSP Broker reflects on disappointing vote-winning rhetoric, renaming the NEC the Mathews Arena, and asks whether the FCA might roll back a little on some of the principles of Consumer Duty and Fair Value
Aviva claims Acturis API first with broker roll out planned for Q1 2025
Aviva has become the first insurer to create a claims application programming interface for integration with software house Acturis.
MGAs build confidence in a complex non-standard risk market
In a roundtable hosted by Geo Underwriting at Broker Expo 2024, industry professionals explored the challenges brokers face in placing non-standard risks. This article examines the key themes that emerged from that discussion.
£1.3bn tech firm targets brokers with premium finance launch
Credit technology provider Abound has launched a new premium finance solution which it claims will “revolutionise” the sector by replacing “slow and outdated direct debit system with instant, automated payments”.
The stats: Q3 2024 – Return to growth across the board
Growth in average commercial lines premiums has picked up again in the third quarter of 2024, following a slow-down in the first half of the year, according to the latest Acturis Commercial Broking Index. Ida Axling reports.
Roundtable: UK insurance broking – reshaping the future
As the post-Covid insurance-broking environment evolves, brokers are continuing to adapt to the new backdrop. A recent Insurance Age roundtable explored the challenges and opportunities, as brokers tackle today’s range of pressing objectives – and assess the future of the sector.
Polaris at 30 – Jackie Childs
In the concluding instalment of Polaris at 30, senior business analyst at the insurance industry-owned organisation Jackie Childs rounds up the progress on digital trading moving from monthly personal lines updates sent out on floppy discs to the new era of risk and rating dexterity that can only be supported electronically.