Brokers want more help tackling application fraud according to research by Zurich
UK brokers believe insurers could do more to help them deal with fraud at the quote stage, according to a new survey by Zurich.
More than two thirds, 68%, think application fraud is a growing issue, but less than a third of brokers, 32%, are taking action to prevent it. Of the surveyed brokers, 84% said that insurance companies could do more to help them tackle the issue.
In response to the problem, Zurich has launched a dedicated policy validation unit. Two new roles have been created alongside the existing personal lines division based in Whitely, Hampshire, to support brokers in validating customer policy information and identifying potential fraud. The insurer has also launched a broker policy validation website aimed at specifically supporting brokers.
Zurich head of personal lines Ian McManus said: “We believe that the survival of the personal lines broker channel is dependent on delivering market leading capability, with insurers and brokers each having a part to play. Having a dedicated policy validation unit means we’re better positioned to be able to share with brokers Zurich’s experience and expertise in validating customer information. Ultimately this will help ensure the long-term competitiveness of the broker channel.”
The insurer’s head of personal lines underwriting Alanda Reynolds added: “Zurich has been at the forefront of tackling claims fraud – a problem that the insurance industry as a whole has made a great strides in fighting. However, we’ve found that around 1 in 10 policies fail validation checks and brokers themselves are now telling us they want more help from insurers in tackling fraud at the quote stage.
“Whether it’s innocent misrepresentation or deliberate manipulation, our dedicated team is set up to protect brokers and customers helping to ensure that policy information is correct from the start of the journey.”
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