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Countering fraud in the new 'micro-duration' insurance space

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  • Fraud
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Insurers have been successfully adapting their counter fraud strategies and controls to deal with the increased fraud risks represented by the digital channel. However, the market continues to evolve at a rapid rate, driven by customer demand and modern day life styles.

One of the more recent trends to emerge can be categorised as the development of ‘on demand’ or ‘micro-duration’ insurance, largely driven by the life styles of the millennial generation.

This whitepaper focuses on how the insurance industry is reacting to changing consumer needs by developing new products and modernising the claims process, before highlighting how insurers can effectively counter fraud in the new ‘micro-duration’ insurance space.