Combating fraud through identify verification

According to new data published in March 2022, LV= General Insurance has seen increased activity from organised crime groups with staged accidents up by 31%; overtaking claims farming as the most common type of insurance fraud. Induced accidents have similarly risen by 37%. The insurer has also reported a rise in application fraud post Covid.

To help keep pace with the evolving tactics used by fraudsters, insurers continue to invest in the latest counter fraud solutions and controls as technology advances. There are also some simple, established fraud control principles that remain highly effective, low cost and easily integrated into the claims process.

Fraudsters and organised criminals will often attempt to use false or stolen identities and addresses to take out insurance policies, in order to facilitate fraud. The benefits of conducting rigorous identity verification checks at a very early stage are proven and across all lines of insurance business.

This content focuses on how insurers can leverage identify verification to rapidly check an individual’s identity at any stage in the insurance journey and generate an easy to understand profile for every customer screened.

Topics covered:
• Fighting fraud.
• Know your customer…even better.
• What are the potential savings?
• Identity verification.
• Optimal customer onboarding.