Allianz increases fraud savings

Posted: 30 August 2019

Allianz has announced fraud savings of more than £29.6m in the first half of 2019, an increase of £6.9m compared to H1 2018.

Casualty claims accounted for the highest value of fraud savings recorded, closely followed by Motor. Although not as frequent, Property claims saw more than a 100% increase in fraud savings compared to the same point last year.

Allianz data also revealed that ‘trips and slips’ and manual handling fraud continue to be the most prevalent Casualty cases, with more fabricated and misrepresented claims in this area.

Allianz’s fraud manager, James Burge, commented:

“I’m delighted that we have seen a 30% increase in claims fraud savings in the first half of the year. This is a fantastic result for our business and demonstrates the commitment of our highly skilled fraud team. Our data highlights that fraud is just as prevalent as ever and is a growing problem, particularly in the casualty claims space. Prevention and detection remain our priority to ensure that genuine policyholders are protected.”

Allianz has also revealed its H1 application fraud data, with more than £3m in savings so far in 2019.

Burge added:

“This year we brought together our claims and application fraud teams to ensure greater consistency of our prevention and detection capability. A greater focus on application fraud threats, including ghost broking and ID theft, has resulted in faster detection of fraud, both opportunistic and organised.”

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