A third of intermediaries expect insurance fraud to worsen

clock

Over a third (35%) of insurance intermediaries expects the problem of fraud facing the industry to become worse over the next three to five years, according to research.

EDM Group, who provides information solutions for Legal & General, Friends Life, Bupa, Towers Watson and BMI hospitals polled 112 intermediaries.

It's research found 15% believe the problem of insurance fraud will decrease.

The firm highlighted a key to tackling this problem is greater digitisation of information and data.

Some 65% of intermediaries think this will help, compared to 17% who think it will have no impact at all.

Craig Campbell, head of insurance sector at EDM Group, said: "One of the problems of insurance fraud is that it can be harder for companies to identify because of the huge increase in data and information that they have to manage.

"Greater digitisation of this will make it easier for insurers to identify potential activity that could be fraudulent."

More on Regulation

Prime Minister Rishi Sunak to end 'sick note culture'

Prime Minister Rishi Sunak to end 'sick note culture'

Reform to the welfare system

Jaskeet Briah
clock 19 April 2024 • 3 min read
More than £54m recovered by FSCS from failed financial providers

More than £54m recovered by FSCS from failed financial providers

Approximately £2m passed on as an additional recovery

Jaskeet Briah
clock 09 April 2024 • 1 min read
FOS increases complaint level predictions for 2024/25

FOS increases complaint level predictions for 2024/25

Commitment to resolve 17% more cases

Jaskeet Briah
clock 04 April 2024 • 3 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read