Fraud saving success for Allianz in 2018

Posted on: 29 January 2019
Allianz is celebrating another record year for fraud success, reaching a total saving of £64.75m in 2018.

The total savings have increased by £2.75m since 2017, with an increased performance against an indemnity spend up 10% from the previous year.

Motor claims were the most common type of fraud detected by Allianz in 2018, amounting to 41% of fraudulent claims but Allianz’s data reveals that fraud is increasing significantly in the Casualty space with detection up 61%. This follows significant investment by Allianz in this area.

"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."
Nick Kelsall, Fraud Manager, Allianz Insurance plc

In Commercial property Allianz detected 25% more fraudulent claims in 2018 than 2017.

The highest customer fraud saving amounted to just over £2m on a fire claim submitted on behalf of a commercial property. The claim included severe underinsurance, several undisclosed liquidations and previous dissolved companies. Allianz is seeing a consistent increase in fraud being detected in larger losses year on year.

Allianz fraud manager, Nick Kelsall 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."

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