Sterling wins Insurer Fraud Prevention of the Year Award!

it insurance fraud award.jpgSterling's claims team were delighted to win the Insurer Fraud Prevention Initiative of the Year Award at the Insurance Times Claims Excellence Awards 2014 in London on 8th May.

The award recognises the efforts of the initiative 'Operation Genuine', which was designed to fast track more genuine customers through to settlement and, at the same time, increase fraud savings. The initiative outputs included over £2m of proven fraud savings (more than the previous 3 years combined) and a reduction in the use of special investigators.

This award comes as the results of Sterling's independent Broker Survey reveal that over the past 12 months, 59% of brokers believe that insurers adopt a balanced approach to fraud detection, recognising policyholder's right to a fair claims settlement and the need to investigate fraud. This represents a 11% increase from 2013's survey, with fewer people believing that insurers were lax in their approach.

In the survey, many brokers commented that while the industry works hard to ensure a balanced approach is provided, more needs to do be done to change the public perception of insurance fraud; Many people recognise manipulation of claims as a fraud issue but fail to appreciate that the inflation and exaggeration of claims is also a major fraud concern.

Sterling were also Highly Commended in the Industry Claims Training Initiative of the Year category at the same awards ceremony for their efforts to improve claims training within the industry, that included a broker focused Claims Day conference.

Garry Simmons, Head or Property and Liability Claims at Sterling commented:

"Fraud is something that has more widespread effect than people may realise. Operation Genuine aimed to reduce the impact on customers and provide faster settlements to honest policyholders and we are delighted at the recognition we have received. We will continue to improve our training, fraud and claims initiatives, to ensure that Sterling continue to provide a market leading claims experience."



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