The annual Insurance Ireland Fraud Conference took place on the 15th October 2015 in the Conference Suite at Croke Park. The setting for the conference was excellent with over 300 participants attending the event. Tom O’Brien, Liberty Insurance and Chairman of the Insurance Ireland Anti-Fraud Forum hosted the conference.
The event was opened by Kevin Thompson, CEO of Insurance Ireland, who welcomed speakers and delegates to the conference. He outlined the background to the event and the importance of fraud awareness within the industry. He highlighted the size of the attendance as an indicator of the importance of addressing fraud.
Kevin spoke about the current initiatives undertaken to address the cost of motor claims and he commented on the activities of the Claims Committee at Insurance Ireland that is focused on identifying cost drivers in the insurance industry. He cited the need to take action to reduce these sources of cost as we are out of step with similar markets abroad. For example we pay approximately three times more than the UK for whiplash claims.
We specialise in Digital Investigation of Motor Insurance Fraud. We are experts in the analysis of “staged collisions” where a vehicle has been reported however the collision never happened. We deploy digital forensic methods to undercover the traces stored in vehicle modules. We recover the last events such as any collisions and can identify the vehicles engine temperature at the time of the collision, the KM reading and the time and date the collision took place. These parameters often assist claims handlers to solve or verify claims. In some cases a fraudulent claim can be detected.
Kevin also stressed the point that insurance fraud is not a victimless crime. It actually adds about €50 to the average motor premium which drives up costs for everyone. In summing up, Kevin highlighted the importance of consumer awareness about fraud and mentioned plans to update the anti-fraud campaigns that are currently running in the media.
The CUBE team attended the event, special thanks to Insurance Ireland for the invitation and special thanks to Ann o’leary and West Thornton for all the arrangements.
Kevin also stressed the point that insurance fraud is not a victimless crime. It actually adds about €50 to the average motor premium which drives up costs for everyone.
Launch Tech and the CUBE team recognises this very important event and the hard efforts done by Insurance to combat all aspects of Insurance fraud.