Allianz saved £64.75 million in 2018 through counter fraud

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Allianz is celebrating another record year for fraud success, reaching a total saving of £64.75 million in 2018.

The total savings have increased by £2.75 million since 2017, with an increased performance against an indemnity spend up 10% from the previous year.

Motor claims were the most common type of fraud detected by Allianz in 2018, amounting to 41% of fraudulent claims.

But the insurer’s data revealed that fraud is increasing significantly in the casualty space, with detection up 61%. This follows significant investment by Allianz in this area.

In commercial property, Allianz detected 25% more fraudulent claims in 2018 than 2017.

The highest customer fraud saving amounted to just over £2 million on a fire claim submitted on behalf of a commercial property. The claim included severe underinsurance, several undisclosed liquidations and previous dissolved companies. Allianz is seeing a consistent increase in fraud being detected in larger losses year on year.

Allianz’s fraud manager, Nick Kelsall (pictured), commented: “I am extremely proud of the result our highly skilled fraud team has achieved. Their continued commitment to protecting our customers by fighting fraud, has led to Allianz’s savings being increased from £62 million in 2017, to £64.75 million in 2018.”

“Our data highlights that there has been a rise in fraudulent activity in the casualty space, where claims are historically higher in value and therefore more lucrative.”

“Fraud detection and prevention remains a priority and our team continually undergoes rigorous training, as well as an investment in digital solutions, to ensure that genuine policyholders are protected against spurious claims.”

Kelsall added: “Whilst this is a great result, we must not be complacent in 2019. Ahead of the legal reforms and technological advances, with a vastly changing landscape, we need to be vigilant and agile to defeat new types of behaviours and ensure that these criminals are identified and dealt with accordingly.”

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Mark Dugdale is the editor of Claims Media. Mark welcomes articles, letters or feedback from readers and can be reached via mark.dugdale@barkerbrooks.co.uk