Aggregators join ABI and Biba in fraud fight - Insurance News Now – 7 April 2011
Post reporter Amy Ellis outlines this week's major general insurance stories including how aggregators have teamed up with the Association of British Insurers and the British Insurance Brokers’ Association in a bid to fight fraud.
Money Supermarket has joined forces with the ABI and Biba to publish new guidance on online application fraud. The guide is expected to offer cross-industry advice on how to tackle issues such as fronting, misrepresentation, validation and illegal insurance advisers.
In other news Cunningham Lindsey and The Surveillance Group have signed a partnership agreement in a bid to create a market-leading fraud investigation unit; MP Jonathan Evans has confirmed that the Financial Services Authority will discuss Financial Services Compensation Scheme fees with MPs following pressure from the insurance industry; an insurance purchasing body incorporating eight local authorities in London and led by Croydon Council has selected Aviva, Lloyd's and Zurich to sit on its panel of insurance providers; and Lloyd's finance director Luke Savage has said Lloyd's 2010 UK motor insurance result reflects the "torrid" experience of the whole market within that class of business. Its motor book reported an underwriting loss of £520m and a combined ratio of 151.5%.
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