Insurers showing confidence in geospatial measures

Insurers showing confidence in geospatial measures

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UK: Over the last year there has been an 88 percent increase in the number of insurance fraud investigators using geographic information to build up evidential cases for prosecution, according to new research by Ordnance Survey amongst the UK’s leading Insurance Fraud Investigators (IFI’s). The research revealed that nearly half (47 percent) are now using it to help with prosecutions compared to 25 percent last year. Almost four in five (77 percent) IFIs are using geography in their current role to help with hot spot analysis, verify customer information and help detect fraud at claim and policy inception stages.

Fraudulent claims being fuelled by the economic climate continues to be the top concern for the next 12 months for nearly two thirds (66 percent) of IFIs.  The problem continues to rise, as nearly four in five (79 percent) have seen an increase in fraudulent claims since the beginning of the year.

Stephen Teeling, Deputy Chairman of the Insurance Fraud Investigators Group (IFIG), said, “Levels of insurance fraud show no signs of abating but it’s encouraging to see that it also continues to rise up the organisational agenda. We’re getting better at detecting it, but there’s still a long way to go as it’s a problem that is unlikely to go away.”

Source: Ordnance Survey