Insurers warned to 'stop relying on consumer data' as opportunistic fraud booms

fight-fraud

The insurance industry has been warned to move away from data that is susceptible to manipulation, and to focus more on “accurate, trusted data” as it grapples with opportunistic fraud activity as the cost-of-living crisis increases pressures on the consumer.

In the 12 months leading up to 30 June, 5058 people were added to the Insurance Fraud Register, which equates to around 100 people per week. This is up 17% from the 4,319 individuals added in the

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Insurers face margin crush unless premiums are hiked

Data analysis: A sustainable margin recovery looks increasingly challenging for insurers with premiums needing to increase in real terms to prevent any erosion after a tripling of costs to 10.9% of premiums last year from 3.5% in 2022.

Stephen Wallace, McLarens

Steven Wallace is managing director of EMEA for global claims services provider McLarens and is the current president of the Chartered Institute of Loss Adjusters.