CRIF delivers a speech on commercial fraud at The Insurance Fraud Forum
Over 100 delegates from across the insurance industry attended this year’s edition of The Insurance Fraud Forum centered on “Adapt and innovate, new ways to combat fraud”.
The theme running throughout the day was collaboration, sharing data and creating a fraud prevention workforce within organisations able to effectively combat the most recent fraud threats, especially application fraud. This was perceived as a key area of threat where more prevention measures are required.
The day started with a panel debate on “Regulations, Obstacle or Opportunity” in relation to the Civil Liabilities Bill, and on how the bill will or won’t reduce the number of motor injury related claims once it comes into force. Other speakers explored new emerging opportunities from data sharing and gave an overview of the history of industry collaboration, from the founding of the Anti-Fraud Committee in 2004, to the creation of the IFB in 2006, which then led to the establishment of the IFR and IFED.
Sara Costantini, Managing Director at CRIF Decisions Solutions, delivered a presentation titled “Commercial Lines in the Battle Against Fraud: Gaps, Pain Points and Trends” and illustrated the findings of the survey on commercial insurance fraud carried out in collaboration with POST.
The survey, completed by commercial insurance professionals operating primarily through brokers in the motor, property and liability sectors, highlighted some common key challenges. When it comes to future priorities, respondents cited the main step that could be taken to improve commercial fraud detection was an industry database for commercial insurance. A shared commercial claims database would help to provide a single consolidated view of a claimant and their claims history, and improve data validation.
Looking at CRIF’s background, the company has been supporting the UK insurance industry for over 20 years using its skills to develop centralised databases in many sectors including motor, household, personal injury and pet. CRIF’s CACHE-CUE system holds over 7 million household, 11 million motor and 12.5 million personal injury insurance claims.
To conclude, Sara outlined the lessons learned in combatting fraud in the personal lines sector, the evolution of commercial insurance fraud, and the latest top threats, such as cyber security.
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