First findings of exclusive Insurance Times fraud survey

Organised crime gangs are the most pressing fraud concerns facing the insurance industry, according to the interim results of an exclusive Insurance Times Fraud Survey.

Respondents to date believe that organised fraud rings are the most pressing fraud group facing the industry (52%), followed by exaggerated claims (35%), and opportunistic fraudsters (12%). But on a positive note, more than two-thirds (65%) of respondents believe the industry is better at fighting fraud today than it was two years ago.

Respondents to date are overwhelmingly supportive of fighting fraud by sharing more data (98%), with 60% saying more claims data should be shared, 6% saying more application data should be shared, and 32% saying more data should be shared but with some restrictions.

The inaugural fraud survey is being conducted by Insurance Times, and professionals involved in UK general insurance are encouraged to participate by clicking here. The complete results of the survey will appear in next month’s Fraud Report 2013.

Interestingly, nearly one-quarter of respondents (23%) believe that the Insurance Fraud Enforcement Department has had no impact on fighting fraud.

To have your say in the Insurance Times fraud debate, take the survey here.