Almost two in three (68%) think application fraud is a growing issue but almost a third (32%) are not currently doing anything to prevent it.
In response to this problem, Zurich has today launched its dedicated policy validation unit. Most of the team are already part of the existing personal lines division based in Whiteley, Hampshire. In addition, two new roles have been created to support brokers on the front line in validating customer policy information and identifying potential fraud.
Zurich has also launched its Broker Policy Validation website specifically to help support brokers.
Ian McManus, head of personal lines broker at Zurich, said:
"We believe that the survival of the personal lines broker channel is dependent on delivering market leading capability, with insurers and brokers each having a part to play. Having a dedicated policy validation unit means we're better positioned to be able to share with brokers Zurich's experience and expertise in validating customer information. Ultimately this will help ensure the long-term competitiveness of the broker channel."
Alanda Reynolds, head of personal lines underwriting fraud at Zurich, said:
"Zurich has been at the forefront of tackling claims fraud - a problem that the insurance industry as a whole has made a great strides in fighting. However, we've found that around 1 in 10 policies fail validation checks and brokers themselves are now telling us they want more help from insurers in tackling fraud at the quote stage.
"Whether it's innocent misrepresentation or deliberate manipulation our dedicated team is set-up to protect brokers and customers helping to ensure that policy information is correct from the start of the journey."
