Insurance broker Clegg Gifford (CG) has successfully identified and avoided more than £7 million worth of fraudulent motor trade claims over a period of four years with the help of the counter-fraud team at law firm DAC Beachcroft (DACB).
CG counter-fraud manager Graham Lee said in an emailed release: “DACB and CG have developed an innovative and cost-effective solution associated with the validation of fraudulent insurance claims. CG is committed to minimising fraud across our industry and the associated unnecessary indemnity spend.
“The initiative has been adopted as BAU (business as usual) and allows CG to promote a robust fraud strategy aimed at doing the right thing, at the right time for the benefit of genuine customers, partners, and investors alike.”
According to DACB, more than 1,000 fraudulent motor trade claims were rejected during the period.
“We worked collaboratively with Clegg Gifford to develop a cradle-to-grave approach to fraud identification and claims handling using innovative identification methods, in-depth data analysis, early investigations, and proactive evidence-gathering,” noted DACB partner Dan Prince.
“Underpinned by clear processes, we liaised with regulatory bodies to pursue sanctions and with underwriters to stop policies being written. An average of four new claims, per day, are being triggered for fraud using this model.”
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