Allianz finds a new threat where detection was up 61% from the year before
Allianz is celebrating an increased saving on fraud in 2018.
The insurer’s total savings for 2018 stood at around £64.75m, £2.75m more than 2017, with an increased performance against indemnity spend up 10% from the previous year.
Motor claims accounted for 41% of fraudulent claims, the most popular found by Allianz, but data reveals that the insurer has seen a significant increase of fraud in the casualty space with detection up 61%.
Allianz also detected 25% more fraudulent Commercial property claims in 2018 than the year before.
The highest singular fraud saving came to over £2m in relation to a fire claim submitted on behalf of a commercial property.
The claim included severe underinsurance, several undisclosed liquidations and previous dissolved companies.
Allianz’s fraud manager, Nick Kelsall (pictured) commented: “I am extremely proud of the result our highly skilled fraud team has achieved. Their continued commitment to protecting our customers by fighting fraud, has led to Allianz’s savings being increased from £62m in 2017, to £64.75m in 2018.
“Our data highlights that there has been a rise in fraudulent activity in the casualty space, where claims are historically higher in value and therefore more lucrative.
“Fraud detection and prevention remains a priority and our team continually undergoes rigorous training, as well as an investment in digital solutions, to ensure that genuine policyholders are protected against spurious claims.
“Whilst this is a great result, we must not be complacent in 2019. Ahead of the legal reforms and technological advances, with a vastly changing landscape, we need to be vigilant and agile to defeat new types of behaviours and ensure that these criminals are identified and dealt with accordingly”.
Allianz also said it is seeing a consistent increase in fraud being detected in larger losses year on year.