Figures recently released by the Association of British Insurers show the market detected £1.1bn worth of fraudulent claims in 2023, up by 4% on the previous year.

In total, insurers detected 84,400 fraudulent claims with an average value of £13,000.
 
Exaggerated loss was the most common type of fraud detected with an average of 230 bogus claims detected every day.

But is this just the tip of the iceberg?

What about the claims that are not detected, both opportunistic and organised?

Insurers are reporting that opportunistic fraud is on the rise across all claim perils and this type of fraud is much more difficult to detect, as it is often unique and sporadic. 

360Globalnet’s award winning technology is helping insurers to detect fraud be enabling them to have access to 100% of their available data, both structured and unstructured. 

Our no-code end to end digital claims technology, 360SiteView, enables our clients to design and build robust processes required from the desktop to detect potential fraud both opportunistic and organised, across all claim perils.
  
In terms of opportunistic fraud to encourage claims to be withdrawn by the policyholder and/or claimant, in our experience, more you can do to make the claimant feel that their opportunistic fraudulent claim will be/has been detected, the more they will graciously withdraw their claim.
 
Application of the technology means that claims are assessed and monitored for potential fraud throughout the claims lifecycle and as additional information becomes available through the application of a powerful underlying rules engine that delivers flags in real-time to determine workflow and case allocation.
  
360SiteView’s flexibility means that processes can be refined and improved at a moment’s notice without involvement from traditional IT departments. This enables Insurers to quickly refine and improve claims process and reduce the number of fraudulent claims. 

The platform ingests all unstructured data turning it all searchable and capable of analysis. This includes all data, information and documents that are added throughout the claim’s lifecycle. 

Research shows that 80% to 85% of data and information provided to and held by Insurers is in unstructured format – so not accessible by Insurers for search, interrogation, validation and and/or analysis other than by manual and handler review. Additionally, the platform joins all internal, third party and Industry data sources delivering a universal view of 100% of your business’ available data.
  
The platform then systematically assesses and analyses all the data and information enabling the automation of many of the manual processes and decisions determining and distinguishing the potentially fraudulent from the genuine.
  
Contact us today so we can assist you with your challenges and processes to ensure that the fraud you are detecting is not the tip of the iceberg, as your fraud detection may only represent a small fraction of the total fraudulent activity occurring within your organisation and systems.