21 May 2014 Insurance

Insurance intermediaries expect fraud to worsen

Insurance intermediaries expect the problem of fraud facing the industry to become worse over the next three to five years.

New research from EDM Group, the information management specialists, reveals that 35 percent of insurance intermediaries expect the problem to worsen.

Some 65 percent believe that key to tackling the problem is greater digitisation of information and data, compared to only 17 percent who think it will have no impact at all.

Craig Campbell, head of insurance sector at EDM Group, said: “One of the problems of insurance fraud is that it 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.”

EDM Group currently generates around 10 percent of its revenue from the insurance sector but because of the huge challenges facing insurers with regards to information management, the firm is forecasting a dramatic increase over the next three years.

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