Insurance fraud has dropped, not risen, reducing work
Peterborough-based Volume Fraud Management (VFM) Services has announced a redundancy to cut nearly one in five of its Peterborough workforce, The Peterborough Evening Telegraph reports.
The company told staff at the company’s headquarters in Orton Southgate they were being forced to cut costs because of the recession.
VFM’s head of human resources, Meera Bhatt, said workers have been told that between 10& and 18% of the company’s 116-strong city workforce could lose their jobs.
No rise in claims fraud
She said: “We investigate insurance claims on behalf of the big insurers, and we rely on the work coming in to us from those insurance companies.
“Because of the economic downturn, insurers nationally are experiencing low claims volumes. Why that is I don’t know, especially as the pundits predicted that fraudulent claims would increase with the recession.
“The levels of work coming in to us have dropped, and we have had to examine our staffing needs as a consequence.
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