Fraud is a perennial bugbear for insurers and it is never far from the thoughts of the industry’s leaders. But while the personal lines space receives a lot of attention, especially motor, commercial gets far less coverage.
With this in mind, Post recently completed a research project with CRIF to get a better understanding of where insurers thought the two sectors stood in relation to each other, and how things could be improved to reduce any perceived gap.
Asked if they thought fraud detection in commercial lines lagged the personal lines market the answer was a resounding ‘yes’. Indeed when it comes to claims fraud detection, 49% said that in commercial lines it was two to three years behind the personal lines market, with 15% believing it to be five years or more adrift.
This spotlight focuses on what the industry can do to improve fraud detection within commercial lines.
• Validation measures.
• Are brokers hindering fraud detection?
• Rebuttal of broker criticism.
• Data sharing opportunities.
• Improving collaboration between insurers and brokers.