VFM Services, the pioneers of conversation management, warns insurers to be on the alert over the next few months, as it expects fraudulent claims for iPhones to rise significantly in the run-up to Christmas after the launch of the new iPhone5s.
Data from the firm reveals that the number of fraudulent claims for iPhones fell by over half in the first half of this year compared to the latter half of last year. For example, in Q3 2012, there were 1069 claims investigated for potential fraud, and the average claim value was £404.41. In Q2 2013, there were just 472 claims investigated for potential fraud, with the average claim value being £402.45.
Of all the iPhone claims received by VFM during the first half of this year, over four in ten (41%) claims were not settled, or the customer walked away after being challenged by VFM’s conversation management process. iPhones are the highest fraudulent category of item investigated by VFM.
VFM experts believe the reason for this is due to the release of the latest iPhone5s handset; consumers were waiting for its release before trying to claim on their policy to get the new phone. It predicts that of all the iPhone claims it received from the start of the second half of the year to the run up to Christmas, its conversation management technique will highlight almost half as potentially fraudulent, and will therefore not be paid out. This translates into hundreds of thousands of pounds saved for insurers over the last six months of the year.
iPhone claims – 2012 – 2013
|Q3 2012||Q4 2012||Q1 2013||Q2 2103|
|Volume of claims||1069||1102||586||472|
|Average claims value||£404.41||£394.27||£409.89||£402.45|
Sally Griffiths, Director at VFM comments: “We saw the same pattern emerging in the aftermath of the launch of the iPhone5, and fully expect the level to peak in the next month or so, in the aftermath of the launch of the iPhone5s, and in the run up to Christmas.
“We want to warn insurers to be extra vigilant when settling claims for iPhones, as our experience shows that people want to get the newest devices, and are prepared to defraud their insurance company in order to do so.”