Quick comments on the Govts’s strategy to combat various types of online fraud;
AND-E (Aioi Nissay Dowa Insurance Europe) welcomes the government’s new UK Fraud Strategy.
Greg Cole, UK Claims Director, AND-E said: “The sad reality is that as technology advances to make our lives easier, so too does it make it easier for fraudsters to target businesses and individuals. And the insurance sector is most certainly not immune to their efforts. We, therefore, welcome the government’s strategy to disrupt the criminal activity as well as safeguard individuals. We will engage with initiatives that will have a direct impact on reducing fraud in insurance such as the development of the Online Crime Centre which will help facilitate the sharing of data about fraud. Industry-wide collaboration is essential to ensure that fraudulent activity is tackled head-on.
“Over recent years, AND-E has invested heavily in advanced technology at our Centre of Excellence in Newcastle, with the fight against fraud being a key pillar. For example, we have developed a bespoke AI driven Fraud Detection Model, achieving a 120% uplift in fraud identification and faster, lower-cost handling. And because the threat of fraud never stands still, we will continue to focus on all aspects of our operations to ensure fraud detection is in-built. Investing in training and support for our people is also critical.
“Fraud prevention cannot sit in a silo. It needs to be embedded into every aspect of insurance – from customer acquisition to claims. This focus ultimately helps protect our customers, ensuring honest policyholders are not paying the price for criminal activity.”
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