Financial Crime

Managing Financial Crime & Fraud in the Insurance Sector – The Three Emerging Trends


About this Course

Insurance fraud is not a victimless crime and affects everyone in the UK. The UK Association of British Insurers estimates that fraud adds, on average, an extra £50 to the annual insurance bill for every UK policyholder. According to ABI figures, in 2019 insurers uncovered 130,000 fraudulent claims worth £1.32 billion. It is estimated a further £1.3 billion goes undetected. Therefore, tackling financial crime in insurance remains an industry strategic priority.  

Evidence from recent studies carried out by insurers suggests that insurance fraud funds and facilitates other serious crime, including drug trafficking, money laundering and modern day slavery. Financial crime remains firmly on the legal and regulatory agenda. The annual money laundering test is no longer enough - Firms and individuals must know how to protect clients and themselves.

Insurance fraud has a significant negative impact on the industry and the risks are evolving, technology is advancing at a rapid pace, and regulators are starting to show interest in applying more scrutiny on insurers’ risk management frameworks. In this context, how can insurers be confident that they are effectively and efficiently managing their fraud and financial crime risks?

This course is designed to provide practitioners within the Insurance market with the tools and controls to manage fraud risk more successfully, mitigate the risk through best practice and implement a robust internal framework. The course provides a comprehensive understanding of fraud threats, how to formulate an effective strategy to prevent these threats and how to manage the response when they occur. You will learn how to implement key fraud management strategies at your firm to manage the risk to your business. The course also explores international fraud management best practice and anti-fraud frameworks. This course outlines the threat to financial crime and its consequences for the insurance industry and the key anti-financial crime controls that firms should have in place. The FCA and BIBA require insurers to be able to demonstrate robust policies and procedures that comply with regulatory expectations and training to all staff.

Learning outcomes:

  • Understand the exposure and consequences of financial crime for the insurance industry
  • Managing and investing in a fit-for-purpose fraud and financial crime risk management framework
  • Learn how to implement a robust IT Framework. Firms have more access to rich data than ever before, however, they should take care to ensure that the most useful inputs are included in their data models. If they don’t, preventive and detective technology solutions will be less effective.
  • Identify the main types of financial crime and their characteristics
  • Describe the key and evolving legislation to counter financial crime and the penalties for non-compliance
  • Understand the regulatory priority given to financial crime and what the FCA expects of firms and individuals
  • Describe the roles of the main agencies in combating financial crime, including those within industry
  • Recognise suspicious transactions
  • Outline the key but proportionate anti-financial crime controls that a firm should have in place

Who should attend:

  • Fraud Prevention and Investigation officers
  • MLRO – SMF17
  • CEO’s
  • CFO’s
  • Chairman – SMF9
  • Executive Director – SMF3
  • SMF18
  • Employees with responsibility for internal organisational fraud
  • Internal Audit and Regulatory Staff

Course Information

  • Location: On-demand
  • Type: Course
  • Length: 2 Days
  • Level: Leadership

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Kieran Maplesden
Managing Director

0203 800 1099