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.
Our courses can be delivered in-house and made bespoke to your company, business model, products and language. As your learning partner, we can help you every step of the way from engaging with multiple stakeholders and carrying out a learning needs analysis to confirming desired outcomes, solution design and delivery.
The FCA has increased its efforts to fight every aspect of financial crime and expects firms to understand where the risks lie and take ...
Consisting of the UK’s leading Trade Associations from across the financial services industry, the Joint Money Laundering Steering Group ...
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Head of Learning Solutions
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