Allianz announces fraud savings for 2019
Allianz Insurance announced another record year for fraud success in 2019, with a total saving of £65.2m. This represents a £450,000 increase over the previous year and is eight per cent above target.
As in 2018, motor continued to be the most common type of fraudulent claim received by Allianz, accounting for 44 per cent of the total. The casualty area closely followed Motor, with 39 per cent of fraudulent claims. This has been a strong space for Allianz and continues to be a focus for the IFB this year.
Allianz's fraud manager, James Burge said: "Fraud detection and prevention remains a priority and this was demonstrated when we brought application fraud together with claims fraud 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 £2.5m 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 £64.75m in 2018, to £65.2m in 2019.
James added: "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."