Allianz's personal lines business has experienced a 29% increase in fraud prevention in 2023 compared to the previous year.
The improvement spans various types of insurance fraud, including motor and home claims, application fraud, and the rise of ghost brokers selling fake insurance policies.
However, fraudsters are constantly adapting their tactics to pursue new scams, such as an increase in moped crash-for-cash fraud and the use of shallow fakes. Fraud cases involving apps that manipulate real-life images, videos, and documents have increased by 300% from 2022 to 2023, indicating a growing challenge for the insurance industry.
In one case, an individual’s van photo, posted on social media, was manipulated by fraudsters to make a false claim for an accident that never occurred. LV=’s fraud team flagged concerns with the claim and discovered that the image had been edited using a photo from social media.
Beyond photo editing, other emerging technologies such as AI and deep fakes also pose significant challenges for the insurance industry and consumers. In response, Allianz is investing in its fraud detection capabilities by forming a partnership with voice analytics tool Clearspeed. This collaboration will enable the insurer to detect more fraud, streamline claims processing, and provide a better customer experience.
Read the rest of the article here
