Allianz reports £65.2m in fraud savings

Fraud detection enabled Allianz to save £65.2m in 2019, up from £64.75m in the previous year. Motor remained the most common type of fraudulent claim received by the insurer, accounting for 44% of the total, followed by casualty – 39% of fraudulent claims.

Allianz’s fraud manager, James Burge said: “Fraud detection and prevention remains a priority and this was demonstrated when we brought application fraud together with claims fraud last year. The team has gone from strength to strength and I am delighted that we reached a significant amount in fraud detections and savings. In addition, we also saved an impressive £2.5m in application fraud which is a testament to the teams.

“For 2020 we are hopeful that the whiplash reforms will go ahead this year, which will be a positive move for the industry, but we must also not become complacent,” he added. “We will continue to be on the front foot and adapt and streamline our processes where necessary to keep up with the new methods fraudsters are adopting. It is essential that data is shared so that insurance companies can flag up patterns and anomalies when appropriate”.

The highest individual fraud saving for 2019 amounted to just over £2m – a flood claim submitted on behalf of a commercial property. It was found to include fabricated circumstances and misrepresentation of the business.

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