Fraudulent claims being fuelled by the recession continues to be the top concern of the next 12 months for Insurance Fraud Investigators, according to Ordnance Survey and Insurance Fraud Investigators Group.
Research by the two organisations found that 80 per cent of the UK’s leading Insurance fraud investigators said an increase in fraud, fuelled by the recession was a major worry.
Investigators say fraudulent claims are already on the rise, with 79 per cent seeing an increase in fraudulent claims since the beginning of the year.
In light of this, Insurers are increasing the number of measures they are taking against fraudulent claims. Fraudulent activities has moved up the organisational agenda for 70 per cent of investigators and over 75 per cent have seen increased investment in fraud detection within their organisation.
This investment has been spent primarily on human resources (70 per cent), combined with fraud detection systems (64 per cent).
Phil Bird, Director, Insurance Fraud Bureau commented on the research. “Insurers invest £200 million plus per year in their anti-fraud staff and systems, those investments saved over £900 million in claims payments in 2011.”
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