Fraud is a serious business. According to the ABI it costs the industry over £1bn a year. So why isn't it the business priority it should be?
Fraud experts from over 25 of the UK's top insurance companies met recently to discuss the issue of fraud at a seminar hosted by NCorp. One of the main concerns raised by heads of investigation units was the lack of integration of anti-fraud procedures and intelligence gathering with other business activities. And the underlying reason for this? Board-level inertia.
Investigation teams are turning to advanced technology, such as pattern recognition systems, to increase the quality and accuracy of case information. But this investment in improving fraud detection and prevention cannot be treated in isolation. Fraud needs to be championed at the highest level, backed up with a clear strategy involving every business unit across the organisation.
Head of fraud detection solutions
Nelson Bostock Communications
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