Across September Dublin based business strategy firm Accenture interviewed 22 Irish general and health Insurance companies to reflect on Insurance Fraud trends over the last 12 months.
The Insurance Fraud Sentiment Survey has been carried out by Accenture on an annual basis since 2014.
The survey found that the majority (84%) of insurers believe that digital advances are likely to increase the level of fraudulent activity.
Technology and vigilant employees are the most valuable assets in combatting insurance fraud, with 70% of insurance companies face more fraudulent claims in 2016 compared to 2015.
Half (47%) of respondents say that their main focus in tackling fraud is training and supporting investigative staff. This focus on people has decreased significantly compared with 2015, when 70% of companies referenced employees as the most important focus area.
Adam Kelly, Head of Insurance, Accenture Ireland said, “Over the last 12 months, insurers have attempted to tackle fraud through a number of measures including stricter underwriting guidelines, stronger controls and awareness programmes, investment in analytic tools and generally adopting a firmer stance on suspected fraud cases.”
“It’s reassuring to see that the rate of identification of fraudulent claims has increased over the past year, but the challenge for insurers will be to continuously enhance their capabilities to combat it. Digital is rapidly changing how both the industry and the consumer operate, and it remains crucial that insurance companies continue to improve their capabilities to ensure they can handle incidents of fraud when they arise.” He added.