Sara Costantini, Managing Director, CRIF Decision Solutions UK & Ireland, offers some comment on the recent IFB research looking at increasing insurance fraud during the coming recession:
“It’s clear there is a direct correlation between the deepening cost of living crisis in the UK and the number of people attempting insurance fraud. In the most extreme cases this will lead to a criminal prosecution and at the very least is likely to lead to higher premiums – particularly as the industry is getting better at spotting it.
“Whereas previously insurers might not have been able to share data with one another to spot prolific fraudsters they are now able to access increasingly sophisticated technology to help them identify scams. For instance, CRIF, as nominated supplier of the Claims and Underwriting Exchange Register database in the UK, helps insurers efficiently assess risk, manage claims and mitigate fraud. This shared and established system has been supporting the UK insurance industry for over 20 years and now holds over 7 million household, 19.9 million motor and 13.5 million personal injury insurance claims.
“Insurers can access quality data at all stages of the customer journey – from quotation to claim – and also benefit from our machine learning and AI-driven risk assessment capabilities to gain a holistic view of any claimant and identify fraud risk in under 3 seconds. While fraud may be on the rise, technology offers a chance for insurers to stay one step ahead.”