Increasing Knowledge on Application Fraud

Following a recent update from the Insurance Fraud Taskforce, which was set up by the government to help reduce the level of insurance fraud, they’ve recently introduced two new initiatives to help customers understand what fraud looks like and the need to provide correct information when applying for an insurance policy. THE INSURANCE EXPERIMENTS In October 2017, the ABI started a programme aimed at improving understanding of general insurance products. The Insurance Experiments feature a cast of characters exploring some of the basic concepts that people and businesses should understand when taking out cover, and address what people can and can’t claim for. The experiments cover several areas of general insurance, but focus on property because the ABI has evidence that people have more problems making successful claims in this area. This new initiative was devised because learning about insurance doesn’t tend to be a priority for those buying insurance. The animated characters and brief videos grab people’s attention before offering them a link to further information, which is also presented in an eye-catching way. THE CHARTERED INSURANCE INSITUTE'S (CII) 'MADE SIMPLE' SERVICE Following discussions between the Insurance Fraud Bureau (IFB) and the Chartered Insurance Institute (CII), the CII have updated its insurance made simple service, Ask Ciindy, to include fraud-related material. Use our free advice service here The added material addresses a range of key fraud questions, including: • What is insurance fraud and how big a problem is it? • What do insurers do to stop fraud? • How does insurance fraud impact me? • How do I avoid being scammed? • What will happen to me if I get caught committing insurance fraud? • What should I do if I want to report an individual or company who I believe are connected to insurance fraud? James Burge, Underwriting standards manager for Allianz UK, had this to say about the threat posed by fraud: "Insurance fraud is a huge problem for everyone as it effectively adds £50 to the cost of your insurance bill. It’s therefore crucial to raise awareness of the importance of providing the correct risk information to insurers, as featured in 'Insurance Experiments' programme launched by the ABI and the 'Made Simple' service by the CII." Need assistance? Please contact us. Source: Allianz Insurance Plc