The continued crackdown on fraud by Towergate Insurance is on track to stop payouts of more than £6million to cheats this year, helping protect honest customers from additional pressure on premiums.
In the first four months of 2017 alone, the claims team has detected £2.4million of fraudulent claims – 155% of the target for that period.
This compares with savings of just £563,000 in the whole of 2014, and is well on the way to beating a £6.1million target for the year.
This success story follows a three-year drive to introduce new systems and processes, including introducing Fraud Champions in all branches.
Jon Cawley, Head of Claims for Towergate Insurance, said the huge improvement in fraud detection was the result of a fantastic team effort, creative thinking and focussed investment.
“In 2014 we had no specialist staff, no bespoke fraud process, no automated system and only one tool to help us detect fraud,” he said.
“By developing a clear new strategy we saw a rapid improvement, and we’re now seeing these really fantastic results and a clear benefit for the vast majority of our customers who are honest.
“The trick now will be to work hard to ensure we continue to stay one step ahead of the fraudsters.”
The strategy to achieve these results included:
Introduction of a new tool giving access to multiple data sources
Introduction of social media scanning
Use of cognitive questioning
In-house development of continuous screening process and Claims Centre on Guidewire
Training Fraud Champions in all branches