LONDON - December 10, 2019 - (Newswire.com)
Increasingly sophisticated scams and limited resources are some of the main challenges facing insurance companies. Alliance’s initiative aims to level the playing field by giving insurers access to the investigative capabilities of former Metropolitan Police Specialist Crime and Operations Command officers, which far exceed the requirements of global industry bodies.
“As a Third Party Administrator with high profile insurance clients, Alliance’s takes all fraudulent activity seriously, as each bogus claim negatively impacts the industry’s ability to operate and to pay out for legitimate claims. The cost to insurance companies’ customers is conservatively estimated at least 10% per premium. There is also the tragic human cost to those caught up in a life of crime,” said Abhik Sarkar of Alliance International Servicing.
According to the UK Insurance Fraud Bureau (IFB), the average value of a fraudulent claim is £12,000 and the number of cases under investigation increased by 65% between August 2017 and 2019. These figures are not unique to the U.K., they are a reflection of the complex problem plaguing the global insurance industry.
A study undertaken by the Coalition Against Insurance Fraud revealed that 65 percent of insurers who took part are planning to combat the increase in fraud by investing in advanced analytics. Also, an increasing number of insurers are considering using companies such as Alliance International Servicing to implement and maintain their anti-fraud systems.
Alliance’s Technical Director explains, “As a fraud investigation unit, our remit is to help clients tackle the constantly changing threats and challenges presented by the many different types of insurance fraud. To do this, Alliance goes beyond international regulation and compliance practice, providing access to advanced tactics and investigative techniques implemented and managed by former covert intelligence personnel vetted by the U.K. Government National Security.”
About Alliance International Servicing
Alliance International Servicing is an Alliance Group company specialising in Third-party Administration (TPA) services on behalf of companies across the world.
As a TPA, AIS provides companies with a cost-effective and efficient mechanism for administering their services and allows them to focus upon their core competencies whilst having the peace of mind that their administration functions are being facilitated by a customer-focused and process-driven provider.
For more information, visit www.globalservicing.com.
Media Contact
Abhik Sarkar
Phone: +44 207 256 4290
Email: asarkar@globalservicing.com
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Original Source: Alliance Enhances Insurance Fraud Investigation Unit With Recruitment of Ex-Metropolitan Police Detectives
