The growing role for brokers in fighting insurance fraud
With reports of fraud escalating in terms of value or number, the role of brokers in combatting these crimes should not be underestimated. Edward Murray looks at the controls, validation tools and processes being implemented to support both detection and prevention.
The Association of British Insurers values detected fraud in the UK insurance market at £1.1bn (2022).
In 2023, Allianz Commercial said it had uncovered £77.4m worth of fraud, while Zurich UK said it had sniffed out £78.5m.
Given the amounts at stake, it is no surprise the industry is ramping up its crackdown on fraud, and that there is a growing interest in the parts played by each stakeholder in the insurance lifecycle.
Brokers’ role in fighting fraudUnderstanding your core strengths and knowing
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