Allianz Insurance is celebrating another record year for fraud success in 2019, with a total saving of £65.2 million.
This saving represents a £450,000 increase over the previous year and is 8% above Allianz’s 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, with 39% of fraudulent claims. This has been a strong space for Allianz and continues to be a focus for the Insurance Fraud Bureau this year, according to the insurer.
The dramatic weather events in 2019 provided the backdrop for the highest individual fraud saving for Allianz, amounting to just over £2 million 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.
Commenting on the results, James Burge, fraud manager at Allianz, said: “Fraud detection and prevention remains a priority and this was demonstrated when we brought [the]application fraud together with claims fraud [teams]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 £2.5 million 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 £64.75 million in 2018, to £65.2 million in 2019.”
Burge continued: “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.”