Insurance Fraud Survey Report 2024

Explore the Insurance Fraud Survey Report by LexisNexis® Risk Solutions and Insurance Post that uncovers the biggest fraud challenges facing insurers.

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Key insights from Insurance Post and LexisNexis® Risk Solutions on fraud trends

What are the primary challenges insurers have identified for 2024?

Are there concerns about a potential rise in fraud, and how significant is the threat of synthetic ID fraud?

Is there a growing internal challenge regarding the lack of cohesion between different departments within organisations?

For the third consecutive year, the Insurance Post, in collaboration with LexisNexis® Risk Solutions, has commissioned an in-depth report to explore the most pressing issues concerning fraud prevention experts in the insurance sector.

This report delves into the significant challenges faced by fraud teams, claims teams, underwriters, and frontline operators. It reveals the reasons behind firms’ struggles to gain a holistic view of their customers and to quote more effectively.

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“We have definitely seen a return to the volume of fraud we saw pre-Covid. We have seen opportunistic and organised crime return. We have also seen customers who would historically never have committed insurance fraud either cannot afford MOTs, cause an accident or commit application fraud. That can be challenging as they don’t understand the repercussions of what they are doing.”

Fiona Reeve, Head of Fraud at Ageas

“We’ve seen a big increase in opportunistic fraud, certainly from our own customers and third-party claimants, and from customers we wouldn’t normally expect to commit fraud […] they are strapped for cash and they see the insurance as an investment. They have been paying their premiums for years. Now that it is hard, it is time they got something back. And that is the real challenge.”

Neil Woodhead, Casualty Claims at Ecclesiastical

“There are increases everywhere. If you go into any insurance business and ask, ‘Have you seen fraud?’, the answer is yes. It is diversifying and the increase is higher.”

Adele Sumner, Head of Counter Fraud Strategy & Financial Crime at RSA

“It used to be you had to buy two cars and smash them up. Now you can sit in your bedroom, get something online and just change it. It is as simple as that.”

Neil Wood, National Claims Counter Fraud Manager at Markerstudy

View our Insurance Fraud Survey Report and explore:

Insurers facing ‘cat-and-mouse’ with fraudsters, and how they are winning

Why insurance leaders say ID fraud is now the hardest to spot

How crucial collaboration and data is within the market and across departments within an organisation

Download Report

Business Overview

Executive Leadership

Our Technology

Careers

Press Room

Experts

Corporate Responsibility

Diversity & Inclusion

Corporate Alliances and Partnerships

Insurance Fraud Survey Report 2024

Key insights from Insurance Post and LexisNexis® Risk Solutions on fraud trends

What are the primary challenges insurers have identified for 2024?

Are there concerns about a potential rise in fraud, and how significant is the threat of synthetic ID fraud?

Is there a growing internal challenge regarding the lack of cohesion between different departments within organisations?

“There are increases everywhere. If you go into any insurance business and ask, ‘Have you seen fraud?’, the answer is yes. It is diversifying and the increase is higher.”

“It used to be you had to buy two cars and smash them up. Now you can sit in your bedroom, get something online and just change it. It is as simple as that.”

View our Insurance Fraud Survey Report and explore:

Insurers facing ‘cat-and-mouse’ with fraudsters, and how they are winning

Why insurance leaders say ID fraud is now the hardest to spot

How crucial collaboration and data is within the market and across departments within an organisation

Complete the form to view the report and get the very latest insights

Thank you.

Related Resources

Navigating the landscape of identity fraud in insurance

Tackling Insurance fraud: Rising challenges and effective strategies

Securing Today, Innovating Tomorrow with Responsible AI

One Call Insurance increases fraud detection rate by ~60%

Industries

Business Overview

Executive Leadership

Our Technology

Careers

Press Room

Experts

Corporate Responsibility

Diversity & Inclusion

Corporate Alliances and Partnerships

Insurance Fraud Survey Report 2024

Key insights from Insurance Post and LexisNexis® Risk Solutions on fraud trends

What are the primary challenges insurers have identified for 2024?

Are there concerns about a potential rise in fraud, and how significant is the threat of synthetic ID fraud?

Is there a growing internal challenge regarding the lack of cohesion between different departments within organisations?

“There are increases everywhere. If you go into any insurance business and ask, ‘Have you seen fraud?’, the answer is yes. It is diversifying and the increase is higher.”

“It used to be you had to buy two cars and smash them up. Now you can sit in your bedroom, get something online and just change it. It is as simple as that.”

View our Insurance Fraud Survey Report and explore:

Insurers facing ‘cat-and-mouse’ with fraudsters, and how they are winning

Why insurance leaders say ID fraud is now the hardest to spot

How crucial collaboration and data is within the market and across departments within an organisation

Complete the form to view the report and get the very latest insights

Thank you.

Related Resources

Navigating the landscape of identity fraud in insurance

Tackling Insurance fraud: Rising challenges and effective strategies

Securing Today, Innovating Tomorrow with Responsible AI

One Call Insurance increases fraud detection rate by ~60%

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