Allianz celebrates another fraud saving success year in 2019
Allianz Insurance is celebrating another record year for fraud success in 2019, with a total saving of £65.2m. This represents a £450,000 increase over the previous year and is 8% above target.
As in 2018, Motor continued to be the most common type of fraudulent claim received by Allianz, accounting for 44% of the total. The Casualty area closely followed Motor, with 39% of fraudulent claims. This has been a strong space for Allianz and continues to be a focus for the IFB this year.
The dramatic weather events in 2019 provided the backdrop for the highest individual fraud saving amounted to just over £2m on a flood claim submitted on behalf of a commercial property. The claim was then found to include fabricated circumstances and misrepresentation of the business.
Allianz’s fraud manager, James Burge commented:
“Fraud detection and prevention remains a priority and this was demonstrated when we brought Application Fraud together with Claims Fraud last year. The team has gone from strength to strength and I am delighted that we reached a significant amount in fraud detections and savings. In addition, we also saved an impressive £2.5m in Application Fraud which is a testament to the teams. Their continued commitment to protecting our genuine customers has led to Allianz’s savings being increased from £64.75m in 2018, to £65.2m in 2019.
“For 2020 we are hopeful that the Whiplash Reforms will go ahead this year, which will be a positive move for the industry, but we must also not become complacent. We will continue to be on the front foot and adapt and streamline our processes where necessary to keep up with the new methods fraudsters are adopting. It is essential that data is shared so that insurance companies can flag up patterns and anomalies when appropriate”.
Authored by Allianz
Allianz Insurance is one of the largest general insurers in the UK and part of the Allianz Group, a leading integrated financial services provider and the largest property and casualty insurer in the world. The mission of Allianz Insurance is to be the outstanding competitor in our chosen markets by delivering products and services that our clients recommend, being a great company to work for and achieving the best combination of profit and growth. We aim to achieve this by putting the customer at the heart of everything we do.
Allianz is able to offer customers a wide range of products and services including home and motor and commercial insurance with full range of products and service for sole traders' right up to large commercial organisations. Allianz Insurance employs over 4,500 people across a network of 20 offices in the UK and the company’s Head Office is situated in Guildford, Surrey. Our heritage and financial strength help make Allianz what it is today; a safe and trusted partner. Over 40 FTSE100 companies partner with Allianz. youTalk-insurance sharing Allianz Insurance news and video
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