Fraud is estimated to cost the UK insurance industry over £2 billion annually, according to the National Fraud Authority. And that’s just the fraud that is identified. Add in unidentified losses and the figure is likely to be substantially higher.
At BLM, we don’t just defend fraudulent claims. We help to eradicate them. Our specialist fraud team receives more than 5,000 fraud instructions every year, including policyholder fraud, bogus claims, exaggerated injury, staged accidents and complex large-scale fraud cases.
We work with a number of the UK’s leading insurers, investigating suspicious claims and helping to develop fraud policies that meet their business objectives. Our expertise covers a broad range of insurance fraud, including animal, casualty, motor and fleet, travel, household and property and commercial.
From identification and investigation, through to civil and criminal prosecution, our fraud risk management service provides a tailored approach to managing your fraud exposure, helping to protect your brand, maintain your policyholder relationships and minimise costs. We hold extensive cross-border data on fraud and our Fraud Sentry intelligence system screens claims to identify instances of fraud early in the process.
We believe we are unique in the fraud litigation arena due to our comprehensive breadth and depth of expertise across all product lines covering the UK and Ireland. Throughout the UK, our fraud expertise is called on at the highest level. We work closely with HM Revenue & Customs, government departments, the Insurance Fraud Enforcement Department (IFED) and Anti-Fraud Committee of the Association of British Insurers. We are a member of the Insurance Fraud Investigators Group and we have links with the Insurance Fraud Bureau, the Serious Organised Crime Agency, the Serious Fraud Office, The Metropolitan & City of London Fraud Squads and police forces throughout the country.
If your concern is not in the presentation of a fraudulent claim but you or your insured have already been defrauded, perhaps by an employee in a position of trust misappropriating company assets, including data, or an identity fraud perpetrated by a third party, our Commercial Fraud team specialises in the recovery of your losses, frequently using the full force of the court’s powers to obtain freezing injunctions and disclosure orders to protect your position and jump start the recovery.
The Counter Fraud Revolution whitepaper – an analysis of the evolving insurance fraud landscape
Our latest whitepaper authored by BLM's award-winning fraud team provides additional insight into the evolution of fraud and the likely migration of fraud exposure. Click here to download a copy.