The insurance industry must tackle public misconceptions
See also: Fraud Question Time
More than one million Britons think it is not wrong to lie when making an insurance claim, according to a recent survey by RSA. It is time the insurance industry tackled this misconception.
As everyone in the market knows, insurance fraud is not a victimless crime – it adds an estimated 5% onto every policy holders’ bill. As RSA’s counter fraud manager John Beadle says, the industry is now prepared to take a tougher line on fraud and, as technology develops, will be able to take greater punitive measures.
He says: “If a person commits fraud on an insurance claim and is detected, other financial services companies, such as mortgage lenders and credit card providers, will know and that will have an impact on the success of the application.”
The more such consequences are publicised, the more effective they will be.
Hear more from John Beadle at the Fraud Question Time on the 12th of June