Admiral identifies £250,000 worth of potential fraud
Having recently blogged my concerns for the future of Admiral's business model and the impact of increased claims reserves, it's encouraging - especially if you are an Admiral shareholder - to see that the group has successfully embraced new technologies in their war against fraud.
I only hope that the early successes being reported by Admiral will lead other major insurers to look to technology as a means of controlling the spiralling (and increasingly fraudulent) personal injury claims culture in the UK.
This is a better and far more pro-active solution for solving the 100%+ COR problems that have been inherent in the UK motor insurance industry in the past few years rather than round-after-round counter-productive premium increases.
For an industry that is constantly criticised by its customers, long-term efforts to reduce outflows (claims) is always preferable to short-term efforts to increase inflows (premiums).