VFM Services, the desktop counter fraud services provider, has announced the launch of a training course aimed at intermediaries to counter application fraud.
Steve Jackson, Director VFM Services, explains: “Brokers can’t afford to ignore underwriting fraud. There is a consensus that the internet, and the rise of online quote and buy services, is a breeding ground for application fraud. It is all too easy for someone to misrepresent their claims history or manipulate their personal details on an online form to influence the premium.”
The course will train brokers in the use of conversation management techniques to identify the fraudster before they buy online.
Steve Jackson continues: “Whilst being the first to quote is a key concern for brokers, this will prove a false economy in the long run if sufficient checks at the application stage aren’t made. Prevention is better than cure and brokers and insurers must work together to stamp out fraud. Insurers are increasingly asking their brokers to take up these counter fraud services at the application stage so they can ‘quote online, convert offline’.”
Across the UK’s financial services sector the overall rate of fraud at point of application rose by 4% last year, to just over 17 in every 10,000 applications.
VFM Services was amongst the first desk-top based counter fraud detection and prevention specialists in the UK. Its management team pioneered the innovative conversation management technique that is now widely used across the industry to cost effectively detect fraudulent claims and applications over the phone.
About VFM Services
VFM Services works with major insurers across a range of market sectors to help them manage fraudulent insurance claims whilst treating customers fairly. To date, VFM has saved the insurance industry over £58m since 2004 through its fraud detection programme. In 2012 alone, VFM handled circa 30,000 claims, with 33% of these nil settled.
The pioneers of Conversation Management, VFM’s innovative desktop screening technique delivers a highly effective counter fraud solution for both opportunistic and professional fraud, eliminating the need for lengthy field investigation, reducing claims lifecycle and lowering claims cost.
In addition, VFM offers a wide portfolio of tailored services including outsourced claims management, conversation management and ACFTech training accredited by Portsmouth University and the Counter Fraud Professional Accreditation Board.