Allianz reports increased fraud savings of 30% in first half of 2019
Allianz has announced fraud savings of more than £29.6m in the first half of 2019, an increase of £6.9m compared to H1 2018.
Casualty claims accounted for the highest value of fraud savings recorded, closely followed by Motor. Although not as frequent, Property claims saw more than a 100% increase in fraud savings compared to the same point last year.
Allianz data also revealed that ‘trips and slips’ and manual handling fraud continue to be the most prevalent Casualty cases, with more fabricated and misrepresented claims in this area.
Allianz’s fraud manager, James Burge, commented:
“I’m delighted that we have seen a 30% increase in claims fraud savings in the first half of the year. This is a fantastic result for our business and demonstrates the commitment of our highly skilled fraud team.
“Our data highlights that fraud is just as prevalent as ever and is a growing problem, particularly in the casualty claims space. Prevention and detection remain our priority to ensure that genuine policyholders are protected.”
Allianz has also revealed its H1 application fraud data, with more than £3m in savings so far in 2019.
Burge added: “This year we brought together our claims and application fraud teams to ensure greater consistency of our prevention and detection capability. A greater focus on application fraud threats, including ghost broking and ID theft, has resulted in faster detection of fraud, both opportunistic and organised.”
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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