Winning the Fight against Financial Crime

20th August

Covéa Insurance’s Financial Crime Unit has been shortlisted for two insurance industry awards, recognising the progress made in preventing financial crime and fighting insurance fraud. The team has been shortlisted for both the Fraud Investigation Team of the Year Award – Insurer and the Counter Fraud Initiative of the Year – Personal Lines.

The team has been recognised for creating an in-house telephone investigation team for home claims and introducing real-time fraud analytics at first notification of loss; this enables quicker decisions and avoids delays in the settlement of genuine claims. A combination of robust application screening, training and technology has helped to drive down the volume of suspicious claims, without a detrimental impact on honest customers.

Led by former Lancashire police officer Steve Jackson, Covéa Insurance’s Financial Crime Unit is active in a number of industry initiatives aimed at combatting insurance fraud. The company is one of only two insurers to be represented on the HM Treasury led Insurance Fraud Taskforce where Steve is a member of the Personal Injury Working Group whose remit is to provide advice about how the industry’s personal injury claims ‘fraud defence’ processes can be improved to stop financial crime.

Covéa Insurance also recently joined the Insurance Fraud Register (IFR) and works closely with the Insurance Fraud Enforcement Division (IFED) of the Metropolitan Police to bring fraudsters to justice and is a member of EURAPCO which handles cross-border claims and insurance fraud.

Steve Jackson commented:

"Fraudsters will always come up with new ways to cheat the system, so we have to be creative and progressive in looking at ways to counter this. I am delighted that this forward-thinking approach has led to the development of new initiatives, earning us a place on the Insurance Fraud Awards shortlist, as well as preventing fraud and enabling us to bring criminal prosecutions against fraudsters. However, there is still a long way to go in addressing the problem of fraud; in particular the huge number of fraudulent personal injury claims that are being fuelled by the hard sell tactics of some claims management companies. Our efforts to address this issue are ongoing and we are working with Government and industry bodies to find ways to prevent this."

 

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About Covéa Insurance

Covea Insurance plc is the UK underwriting business of leading French mutual insurance group Covéa, who are number 1 for property and liability insurance in France and served 11.5 million policyholders, generating over 16.3 billion Euros in premiums in 2016.  

Covéa Insurance handles the insurance needs of 1.5 million policyholders; delivering financial reassurance through its Standard & Poor’s A+ stable rating, as a guaranteed subsidiary of Covéa. 

The company offers motor, household, protection, mid and high net worth insurance and a range of commercial insurance products, designed to meet the needs of most individuals and businesses. Employing over 1500 people, Covéa Insurance has a strong people and service ethos, having Investors In People Gold accreditation and featuring in the 2015 and 2016 Sunday Times Top 100 Mid-sized Best Companies to Work For. It also has World Class service accreditation from the Institute of Customer Service for its Motor Claims, Home Claims and Underwriting Services teams as well as Chartered Insurer status for its Commercial and Mid/High Net Worth business.

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