Fraud rings, accident management companies and serial claimants targeting the industry will be identified
BVRLA and Hill Dickinson are partnering to undertake a comprehensive analysis of insurance claims fraud within the self-drive hire sector.
The findings from the analysis will be used to drive a collaborative, industry-led strategic solution to support the detection and prevention of fraudulent claims.
BVRLA has selected Hill Dickinson to lead this industry wide initiative based on its in-depth sector experience and proven track record in fraud detection and prevention, with all BVRLA members being asked to provide their 2014 claims data to Hill Dickinson.
Gerry Keaney, BVRLA Chief Executive, commented: “This data-sharing initiative is an excellent opportunity to gain a greater understanding of the size and scope of fraudulent insurance claims in the daily rental industry and any trends that are emerging. By sharing historical information with Hill Dickinson, the rental industry can make further gains in reducing its risk profile and lowering insurance premiums.”
The study will identify branch specific or process issues to allow renters to focus on fraud prevention, as well as improving detection rates. Open claims linked to fraud will be identified together with recovery opportunities on those cases closed where fraudulent or high risk claims have already been paid. A Netfoil Rental database will be created specifically for the initiative with each rental company receiving a case by case assessment of its 2014 claims experience, together with the ability to benchmark individual counter fraud arrangements against the industry.
It is expected that fraud rings, accident management companies and serial claimants targeting the industry will be identified, together with regional hot spots and detailed profiling of fraudulent renters and policyholders will be generated. Combined research findings will outline areas of focus for the rental industry providing a clear insight into the scale and nature of the fraud problem.
Peter Oakes, Head of Fraud at Hill Dickinson said: “The self-drive hire sector is a favourite target for opportunist and organised fraudsters looking to use rental company vehicles and insurance policies to facilitate substantial claims for fake injuries, credit hire, storage charges and vehicle repairs arising out of staged and induced accidents. We are delighted to be partnering with the BVRLA to support rental companies in defeating the fraudsters eroding their profit and endangering other road users.”