CIFAS, the UK’s fraud prevention service reported a 27 per cent rise in false insurance claims in 2019, according to Insurance Age. The previous year, the Association of British Insurers (ABI) reported that the total number of fraudulent claims and applications was circa 469,000, itself a 6% increase in value from 2017. Dishonest insurance claims […]
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Funding for insurtech has slowed throughout the Coronavirus pandemic, according to Insurance Business Magazine. However, the need for insurers to provide greater levels of customer service, better communications and effective claims management has never been higher. As mentioned previously by claimsplanet, the UK insurance industry steering group that formed to ensure the industry supports customers […]
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There seems to be more and more evidence to support the notion that companies that adapt to challenging conditions tend to prosper. A new white paper from claims solutions specialist, Broadspire, helps companies to achieve successful claims management during a crisis, like the current Covid-19 pandemic. The white paper details 5 key components behind successful […]
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As the global coronavirus pandemic continues to ravage commerce throughout the globe, insurance leaders from the UK have come together to form a steering group which aims to ensure that the industry supports customers and communities in the current crisis and so that it can strengthen its efforts in response to future pandemics. Held on […]
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The financial watchdog has recently created a unit to monitor how insurance organisations manage coronavirus claims across the UK’s SME sector. The Financial Conduct Authority (FCA) set out its expectations of insurers by writing to the chief executives of insurance companies. In the letter, FCA chief executive Christopher Woolard praised insurers for their efforts to […]
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This week, Insurance Business Magazine highlighted how insurance companies are weighing in on the good of insurance. With the Covid-19 pandemic seeing a level of scrutiny directed towards financial services not seen since the financial crisis of 12 years ago, the last few weeks have been a time of significant change across the insurance sector. […]
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Business News Wales asks a question on many business owners’ lips at the moment and that is “Will my business insurance cover me for Coronavirus-related losses?” The short answer to this is that, whether or not an insurance policy pays out in respect to your losses, it depends on the type of policy that you […]
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The last year has seen flooding after flooding across the UK, something that’s kept the claims management sector working in overdrive. In response, the Society of Claims Professionals reports that a new property flood resilience code of practice has been launched. The code is the result of years of work that began as an industry-led […]
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You may have heard the term ‘Self Service’ in relation to insurance. According to The Insurance Network, insurance self-service is being embraced more and more, with the Future at Lloyd’s project having moved claims self-service to the top of the organisation’s priority list. Self-service has been shown to improve customer satisfaction, whilst reducing claims handling […]
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Just as the UK was recovering from the multitude of flood claims following storm Ciara, Storm Dennis exerted even more force than its predecessor, with flood levels still posing a threat to people and their properties. With one month of rainfall falling in just two hours, houses, businesses and public spaces are waterlogged and their […]
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