VFM Services is delighted to announce that its New ERA Conversation Management Counter Fraud Solution has been shortlisted in the Best Customer Service Initiative category in this year’s CII Public Interest Awards.
The award recognises service providers to the insurance industry that have gone above and beyond to deliver an outstanding customer service initiative. VFM was shortlisted in recognition of its success in cracking down on the rise of opportunistic insurance fraud through its market leading ‘New ERA’ conversation management solution which has to date directly resulted in £67m of fraud savings for insurers whilst putting the customer at the heart of the process and ensuring valid claims are paid promptly.
VFM’s desktop fraud investigators handle in excess of 25,000 claims per annum on behalf of its clients, 30% of which are either discontinued by the claimant or declined by the insurer as a result of its process, generating savings for its clients of £7-8 million every year. On average the New ERA process provides £2.80 return to every £1 spent on conversation management.
VFM has also delivered award winning training programmes (including the accredited ACFTech and ACFS) to its clients’ in-house desktop claims teams, meaning that they now also benefit from having highly trained counter fraud technicians who, for the first time in the industry, are trained in courses recognised and approved by a higher education body.
Sally Griffiths, Director at VFM Services said: “We’re delighted to be short listed as a finalist. Counter Fraud is associated with benefits and cost savings to the insurer, so it is really pleasing to see our efforts recognised not only for this but also the impact we have on protecting the public interest. Fraud is a blight on our society that takes many forms and adversely affects the whole of society. Whilst much coverage is dedicated to organized fraud, the majority of fraudsters are opportunists, placing a heavy reliance on human claims handlers being experts in spotting inconsistencies in the claims coming across their desks. Our training programme and conversation management technique has delivered by far the best solution for insurers in combating this type of fraud for the good of all parties involved, including the wider public.
We are passionate about raising standards of fraud detection and receiving recognition from a panel of high profile figures and amongst such stiff competition, is testament to our success and proof that we are getting it right. We look forward to the award ceremony in February.”
For more information about VFM and how the New ERA process works, please contact us.