The criminal act of committing insurance fraud: The challenges facing insurers when detecting and preventing insurance fraud.

Abstract

Insurance fraud is an ever-growing problem globally with major financial impact to insurance companies and policyholders. In Ireland insurance fraud is not a new problem however it is a very important subject which is gaining media attraction in recent years. This study draws on the opinions of claims handlers employed within insurance companies to see if they could be doing more to detect and prevent insurance fraud. Results are discussed considering the importance of a new database which will be accessible by all insurance companies to view a customer’s full claims history and the mandatory introduction of telematics equipment in motor vehicles to help detect motor insurance fraud. This report argues in favour of developing both a national database and the mandatory introduction of telematics equipment in motor vehicles.