Allianz reports increase in claims fraud savings in 2023

Allianz Commercial reported having detected £77.4 million worth of claims fraud in 2023. This result is up from £70.7 million in 2022 with application fraud savings of £1.95 million. The business insurance company observed that the current cost-of-living crisis was having a continued impact on businesses, with the financial struggle leading to an increased insurance fraud threat.

Allianz claimed that with the use of its machine learning tool, Incognito, fraud detection had increased by 10% from 2022.

It observed a marked increase in the attempted use of false confirmed claims experience (CCEs), the commercial equivalent of a no-claims bonus, which shows a potential link to the identity theft of genuine companies. While 2022 saw a reduction in ‘crash for cash’ motor accidents, this trend was reversed in 2023 with a 25% increase in referrals.

In terms of casualty claims, the rise in professional enabler-led fraud continues and Allianz recorded a 41% increase in investigations relating to deliberate non-disclosure to do with property claims. This included policyholders falsifying previous claims history and not disclosing criminal convictions or directorships of liquidated companies.

Czech general insurer Kooperativa recently adopted Resistant AI’s Document Forensics solution as part of its own strategy to tackle fraudulent insurance claims.