BTW- a blind trust in straight-through-processing (STP) and AI can mean you are paying out unnecessary amounts to opportunistic fraudsters. Without exception our customers have found that 35% of home and contents claimants withdraw claims as they rapidly follow the self-service digital FNOL journey.
Their story unfolds as a quick text description is followed by photo evidence, the associated metadata and where practical, video.
Oops! Time to press the "Withdraw Claim Button" and avoid embarrassment or worse.
Just because these claims are high frequency and low value is not a reason to let the AI be fooled.
Say you handle 50,000 home A&D claims per annum that is a £9m/$11m saving p.a. at an average claims value of £558 net of excess. More claims than that the greater the savings.
Surely worth talking about?
Ben Fletcher, director at the IFB said that while the announcement suggests the current strategy to tackle organised fraud is working, “the broader picture is more complex.” James Burge, fraud manager for Allianz Insurance said that from the results, it is “clear that insurance fraud remains a top priority for insurers,” but he does not want any let up and for insurers to remain dedicated and vigilant in the fight against fraud. He said: “It’s important that we continually focus our efforts on the changing landscape of application and claims fraud, which evolves as new protective measures are put in place.”