| UK life insurance companies are becoming
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| | identify potential frauds, and there are
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| so concerned at the amount of false
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| | much better procedures at claim level to
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| claims that they have issued a reminder
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| | allow insurers to probe further. Systems
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| to would-be fraudsters of the existence
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| | introduced since 2006 allow analysis of
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| of the Insurance Fraud Bureau (IFB),
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| | insurance policies and claims records
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| first launched in 2006.
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| | from all the insurers participating in
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| The life insurance industry is worried
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| | the scheme, and can highlight any
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| that the recent high-profile case of
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| | suspicious activity. Basically, the
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| 'canoeist' John Darwin may have put ideas
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| | bureau can use insurance companies'
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| in some potential fraudsters' minds, so
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| | records to compare life insurance claims
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| is keen to nip any such thoughts in the
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| | and assess whether they are likely to be
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| bud before more people go 'missing',
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| | genuine, fraudulent, or perhaps the work
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| presumed dead.
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| | of an organised criminal ring.
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| Although originally launched to counter
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| | The IFB is going to extensive lengths to
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| the actions of criminal gangs, the IFB
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| | catch fraudsters and methods to determine
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| soon added investigation of fake
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| | whether claimants are telling the truth
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| insurance claims to its remit. Technical
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| | include the use of voice analysis
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| and corporate affairs executive for the
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| | software, which can allegedly pick up
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| British Insurance Brokers Association
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| | subtle changes in a caller's telephone
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| (BIBA), Graeme Trudgill insists that fake
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| | voice. The computer program will identify
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| claims damage everyone as they make
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| | any nervousness and alert investigators
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| insurance more expensive, for which we
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| | to a potential fraud. But, that is about
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| all pay in the form of increased
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| | all that the IFB will reveal about its
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| premiums.
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| | methods. All other detection methods are
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| Systems have become much more integrated
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| | being firmly kept under wraps in case
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| and with the life industry backing the
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| | they are compromised by would-be
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| IFB and providing much access to
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| | fraudsters.
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| information, Trudgill says that it is
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| | In the wake of the global credit crunch
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| easier to spot potential fraudsters. He
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| | and the rapid deterioration in life
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| concedes that life insurance fraud is
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| | assurance valuations, UK insurers will be
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| becoming a problem, but also claims that
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| | doing all they can to weather the storm,
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| because the IFB are better able to
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| | and that includes mitigating any
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| investigate that anyone thinking of
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| | potential fraud losses - guaranteeing
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| perpetrating a fraud should think twice.
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| | that any claims will be vehemently
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| Extensive modelling has been developed to
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| | policed over the coming year.
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