female claims handler

Allianz 2023 claims fraud savings hit £77.4m

Posted: 13 February 2024

Reporting on its 2023 fraud results, Allianz Commercial detected £77.4m worth of claims fraud in 2023 - up from £70.7m in 2022 - with application fraud savings of £1.95m. The current cost-of-living crisis is having a continued impact on businesses with the financial struggle leading to an increased insurance fraud threat.

Claims Fraud detection overall has increased by 10% from the prior year with the use of the Allianz machine learning tool, Incognito, boosting detection rates alongside the dedicated work of the claims validation teams. 

Key trends include a marked increase in the attempted use of false Confirmed Claims Experience (CCE’s), the commercial equivalent of a no-claims bonus, which shows a potential link to ID theft of genuine companies. While 2022 saw a reduction of ‘crash for cash’ motor accidents, this trend was reversed in 2023 with a 25% increase in referrals.

Other trends in motor fraud include a continuous issue with mopeds and couriers inducing and fabricating incidents. Allianz has also identified similar accidents with pedal cycles and pedestrians which could be linked to the changes in the Highway Code.

In the Casualty space, the rise in professional enabler led fraud continues and within the property arena Allianz recorded a 41% increase in investigations relating to deliberate non-disclosure compared to 2022. This included policyholders falsifying previous claims history and not disclosing criminal convictions or directorships of liquidated companies.

James Burge, head of counter fraud, Allianz Commercial commented:

“We have seen an uptick across the board on all aspects of insurance fraud in 2023. Our success in detection and preventive measures lies in the superb collaboration across our teams, with effective strategies and support from our suppliers and leadership teams. We remain focussed on fraud detection to protect our honest customers in 2024.”

James Burge, head of counter fraud, Allianz Commercial

About Allianz Holdings plc

Allianz Holdings plc is the non-regulated holding company which owns the principal insurance operations of Allianz SE in Great Britain including Allianz Insurance

About Allianz

The Allianz Group is one of the world's leading insurers and asset managers with more than 122 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 717 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.7 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2022, over 159,000 employees achieved total revenues of 152.7 billion euros and an operating profit of 14.2 billion euros for the group***.

*Including non-consolidated entities with Allianz customers.

**As of March 31, 2023

***As reported – not adjusted to reflect the application of IFRS 9 and IFRS 17.

About Gracechurch

Gracechurch is the leading research and advisory company serving the commercial insurance sector. It provides global commercial insurance leaders with high quality, targeted independent research to benchmark performance.

Sara Robinson
PR Consultant
Get notified as soon as we issue a new press release: