Detection rates of fraud across general insurance product lines is 5% in the UK, however based on ASIC’s report is lies at 0.04% in Australia, so why is this the case for what should be similar jurisdictions? At the heart of it, one of the main differences can be dialed down to a coordinated industry response. Glenn has had significant experience back in the UK with the Insurance Fraud Register, a formalised bureau and industry database for all proven frauds to be shared across industry with a view to prevention. With this background, he will be well placed to discuss the opportunity for this kind of approach within Australia, to establish the kind of collaboration capability the industry is starting to mobilise towards:
Includes RACQ Case Study: Counter Fraud Process And Team Excellence To Triple Detection, Raise Strike Rates, And Lower False Positives
With a member-centric approach, RACQ is ensuring that they are identifying the right instances of fraud to protect genuine member’s money, achieving one of the lowest false positive rates in the industry at 30% and on the way down. Beyond that, their focus right now is to implement technology, network analysis, and control triggers to improve their fraud mitigation and investigations:
- Minimising interference with genuine claims by lowering false positives through more advanced fraud detection
- What fraud indicators need to look like in a modern scenario and where new technology identifies and fills in the gaps
- Cultivating the expertise required within a counter fraud team
Key Benefits and Takeaways:
- What can we learn from the international arena in regards to joint mobilisation against FinCrime?
- What technology can bridge the gap to pull in social network analysis, and deep learning to combine industry data into a central system?
- Who is key to joining up the network and how does this reflect on competition vs coopetition?
- Learning lessons and the future capabilities required to make this kind of network possible
Manager Counter Fraud & Investigations