The Fraud Capability Benchmark is an add-on to the Motor Claims Study and dives deep into the management of fraudulent claims. The benchmark allows you to compare your fraud strategy against peers and identify specific areas of opportunity. Preventing fraud translates into improved performance across the entire claims function.
Why it's important
Fraudulent claims cost insurers millions every year. Finalta studies demonstrate that fraud strategy and capability varies greatly across the market. As legislation changes, insurers must react quickly to constantly shifting risks. The Fraud Capability Benchmark helps participants address critical questions such as:
Underwriting Risk Mix:
Our unique methodology utilizes claim-level data to identify differences in performance within comparable segments, for example, young policyholders with lower value vehicles located in the North West of the UK, or mid-value vehicles in high-density areas of London. We employ our large motor indemnity database to calculate comparable fraud savings regardless of different methodologies across insurers, creating a genuine like-for-like comparison versus peers. Our experienced analysts understand the trade-offs in claims strategies and help to identify opportunities in the context of each insurer’s individual needs.
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