Insurance fraud detection

Insurance fraud claim form The role of an anti-fraud specialist is challenging. With the latest Annual Fraud Indicator (AFI) from the National Fraud Authority (NFA) highlighting bogus and inflated insurance claims costing more than £2.1 billion a year, insurers are seeking more robust ways to fight fraud. Our range of location intelligence products can help insurance companies tackle fraud in a number of ways, putting you on the right track to identify, validate and resolve potentially false claims successfully.

Key issues faced in insurance fraud detection

Increased insurance fraud – a 9% increase in the last year, adding an average of £44 to the cost of premiums (Source: ABI)
Ministry of Justice reforms – Insurers need to make decisions quicker – 15 days once the claim notification form has been submitted by the claimant.
Cost savings pressures – in the current financial climate.
Increased workload – Insurers looking after more claims in house to reduce out-sourcing costs.
Evidence - difficult to present compelling evidence to allow polices forces to prosecute.

The solution

Our location intelligence can enable you to:

Visually link individuals or organisations to quickly see the structure of a network and reveal previously hidden relationships.
Present clear comprehensive cases of evidence to police forces to improve prosecution
Reduce the need for loss adjustors or special investigators to investigate suspicious claims. Up-to-date Aerial photography, rather than satellite imagery, provides a high-resolution, detailed map of Great Britain that conventional map data can't provide.
Combine your own and third-party information with our location intelligence giving you greater confidence in analysing, highlighting and preventing fraudulent claims and help reduce potentially fraudulent policy applications. Identify patterns by exploring your data by geographic area, time, frequency, intensity or associated links, viewing hot spots and claimant addresses at individual address level – as opposed to postcode banding.
Model combined data to give a clear and detailed view of circumstances surrounding a potentially fraudulent claim from your desktop. Information can be queried and analysed more quickly and flexibly, reducing the time taken to evaluate, settle and repudiate claims and fraudulent data.