Blog: Lessons for brokers looking to tackle fraud
Ray Westwick, managing director at Freedom Brokers, discusses how the firm has used data to reduce instances of fraud.
Fraud is an escalating challenge for the insurance industry. Brokers know only too well the impact of post-sale cancellations and bad debt on the bottom line.
While the shift to online is in part behind this growing problem, technology also holds many of the answers.
Putting the right measures in place can generate quick wins, including reduced administration and claims costs, while giving customers a fairer deal.
Data
Preventing fraud from happening is much easier and far less costly than
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