Fraud prevention has clawed its way onto boardroom agenda as over the past 20 years and the more strategic and sophisticated approach now taken by insurers is really starting to pay off.
However, there are a number of reasons why the industry should not get too excited yet. According to the Association of British Insurers, detected insurance fraud totals over £1.1bn annually, and undetected fraud adds at least another £2bn to that total.
These figures underline just how big an issue fraud is for the insurance market, and its evolving nature means there can be no respite in developing and implementing anti-fraud measures.
This article studies how the industry can build on recent developments by deploying a more sophisticated, collectivist approach to data and utilising device data.