Is Insurance Fraud Common? Header Image

Is Insurance Fraud Common?

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Fraudulent claims cost the insurance industry over £1.1 billion in the UK each year (Association of British Insurers (ABI) - but how common is fraud when it comes to technology insurance claims, and how do we tackle it?


A key part of our work is fraud prevention and detection on behalf of our insurance clients. The vast majority of claims we deal with are legitimate, and we offer insurance companies the confidence to know they are settling a genuine claim fairly. However, sometimes incidences of fraud do arise.


We have successfully handled multiple cases of insurance fraud by helping insurance companies repudiate these claims. There are several different ways we do this.


How do we detect technology insurance fraud?

We offer a full manufacturer-accredited repair service, which allows us to fully inspect all equipment involved in a claim. In genuine claims this allows us to discover if equipment can be repaired and if so, the cost of repair. However, in cases of fraud, we are also able to check if equipment is damaged, what caused the damage, its condition and when it has been in use. We can also identify if equipment can be repaired, even if another party says that it cannot - and in our experience, 50% of all technical equipment deemed BER by others can, in fact, be repaired.

We can also check that the circumstances of the damage to the equipment are consistent with the reported incident. For example, in one case we investigated, the policyholder claimed that a computer had been damaged by a paint spill - but while close inspection indeed showed that the machine had been damaged by paint, it also revealed brush marks on the inside of the equipment.

The other element of fraud we investigate is policyholders inflating equipment prices in order to claim back more than was spent. Again, this is uncommon, and the majority of claims we investigate are genuine, but in instances where this type of fraud has occurred, we are able to identify it. 

With conversation management and investigating documents and proof of ownership, we can find any inconsistencies in a claim and challenge them.

Most claims we support insurance companies with are completely genuine, and in those cases, we work to come to a conclusion that satisfies both the policyholder and their insurer alike. However, in the rare cases of insurance fraud we do encounter, our consultants have the skill and expertise to identify and challenge any inconsistencies, no matter how well hidden.


Why not see what we can save you? We look forward to working with you on your next instruction.

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