Category: Life Insurance

Insurance industry fraud problems set to deteriorate

Monday, May 26, 2014


More than a third (35%) of insurance intermediaries expect the problem of fraud facing the industry to become worse over the next three to five years, a survey has found.
Only 15% expect there to be an improvement in fraud.
Two thirds (65%) of intermediaries believe greater digitisation of information and data will help, compared to only 17% who think it will have no impact at all, the survey by EDM Group found.
Craig Campbell, head of insurance sector at EDM Group, said insurance fraud can be harder for companies to identify because of the huge increase in data and information that they have to manage.
“Greater digitisation of this will make it easier for insurers to identify potential activity that could be fraudulent,” he added.


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