Ageas Tackles Fraud 24-Hours A Day
Fraud is a huge problem right across our industry. The Association of British Insurers estimates that fraudulent and inflated insurance claims are still costing our industry more than £2.1 billion a year, and as a result, honest policyholders may be paying £50 more than they need to in premiums.
That simply must change. And that's why my team (Ageas's Underwriting Services and Fraud team), is doing everything, 24-hours a day, to get ahead and stay ahead of the fraudsters.
Fraud affects us all
The truth of the matter is that while scammers and fraudsters are becoming even more devious, we all lead busy lives. It's hard to stay focused on or even stay up to speed with all the possible ways in which we could be deceived, online or off.
I'm pleased to say Ageas is fighting back - and winning - with fraud prevention initiatives that have become a powerful cornerstone in our long-term business strategy. We’re delighted to share we have won a 'Gold Award’ for ‘Excellence in Fraud Mitigation’, recognising the continued investment and development of our technical capabilities in fraud prevention - key components of any robust insurance business.
With that in mind, I'm proud to shine a light on just a few of our major fraud prevention initiatives:
Round-the-clock fraud prevention
- We're protecting genuine customers with FDS, an advanced forensic tool that identifies images and documents that may have been manipulated. Already, we've spotted an insurance certificate that was changed 63 times to create over 18 'copies', and spotted photo evidence that was taken days after a loss occurred. We’d like to continueraising awareness of fraud among your customers too. Articles like this one for example, 'Cash for Crash' are something that you can share with your customers. It explains how our cutting-edge tools are supported by a team that's empowered to take direct action whenever they feel something's not right. We also carry out post-sale checks to reduce fraudulent purchases even further.
- Ageas is also the first major UK personal lines insurer to deploy Percayso’s quote manipulation functionality across our home and motor insurance products. Percayso's solution enables us to use data from multiple different sources to identify instances when personal details are being deliberately changed to get a cheaper quote.
Ageas is working hard - tirelessly in fact - to pro-actively tackle fraud. We're also supporting the Insurance Fraud Bureau (IFB) in their efforts to disrupt organised fraud across the industry - and of course, our fraud team is on hand to help brokers , with any concerns they may have about a claim or a transaction. Together, we can make a real impact and ultimately, this will ensure a safer, more secure experience for everyone.
Keep an eye on our Ages Broker LinkedIn and ageasbroker.co.uk, as we’ll be sharing fraud tips that you can pass onto your customers. Let's continue working together to protect what matters most.