Allianz Insurance fraud savings quadruple in H1 2019
Allianz Insurance, one of the largest general insurers in the UK, has saved more than £29.6 million in the first half of 2019 by tackling fraud.
This figure is more than four times the fraud saving, of £6.9 million, achieved in the same six months the year before.
The insurer said that casualty claims accounted for the highest value of fraud savings, closely followed by motor. And while property claims were less frequent, fraud savings more than doubled in H1 2019 from the same time period in 2018.
Fraudsters appear to favour claims for ‘trips and slips’ and manual handling, as the data showed that fraud in these areas continue to be the most prevalent casualty cases.
James Burge, Allianz’s fraud manager, said: “I’m delighted that we have seen a 30 percent 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.”
The insurer has also revealed its H1 application fraud data, with more than £3 million 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.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
Dorian losses to extend ‘cat reinsurance rate increases into 2020
Swiss Re reclaims top reinsurer spot in a tough year, data reveals
Telematics specialist secures £40m to develop data-driven solutions for insurance market
CNO Financial hires new chief actuary from New York Life
Prudential Financial reshuffles US business leadership in growth drive
Feature: 10 ways insurers are using insurtech to drive new business
