On 22 September 2016, the Association of British Insurers (ABI) published a checklist on effective counter fraud measures.
The checklist is designed to assist insurers, particularly smaller insurers with a limited counter fraud function, and their corporate partners, in developing strong fraud defences. It also sets out how firms can contribute to the UK insurance sector’s counter fraud strategy.
There are ten sections within the checklist, including
- policies and procedures,
- staff training,
- board level engagement,
- investigative capability,
- enforcement,
- engaging with industry bodies,
- complying with regulatory and industry guidance, and
- educating and protecting customers and policyholders.
The ABI
- Recognises that each insurer will have its own commercial strategy and risk appetite and that many insurers have well-established fraud controls.
- Urges all insurers and partners to “pull in the same direction” to ensure that fraud does not simply move around the market.
- Points out in the checklist that the insurance industry must meet regulatory expectations.
In its view
- having documentary evidence that firms have conducted risk assessments (and have taken action where necessary as a result), will help both commercial decision-making and firms’ discussions with the FCA about their counter fraud measures.
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