BVRLA and Hill Dickinson have paired up to undertake a comprehensive analysis of insurance claims fraud within the self-drive hire industry.
Its findings will be used to develop an industry-led collaborative solution to manage future risk and support detection and prevention of fraudulent claims.
Tailored mass data analysis will be used to analyse around 10.5 million claims
BVRLA have asked all of their members to provide their 2014 claims data to Hill Dickinson for the research to take place – a Netfoil Rental database will be created specifically for the initiative.
Tailored mass data analysis will be used to analyse around 10.5 million claims records held in Hill Dickinson’s Netfoil, which is the largest relational claims database in Europe. Each participating rental company will receive a case by case assessment of its 2014 claims incidents, along with the ability to target individual counter fraud arrangements against the industry.
Accident management companies, fraud rings and serial claimants will be identified, as well as regional hot spots. Detailed profiling of fraudulent policyholders and renters will be generated together with risk profiles for associated customer’s own insurance business.
BVRLA Chief Executive, Gerry Keaney, comments:
“This data-sharing initiative is an excellent opportunity to gain a greater understanding of the size and scope of fraudulent insurance claims in the daily rental industry and any trends that are emerging. By sharing historical information with Hill Dickinson, the rental industry can make further gains in reducing its risk profile and lowering insurance premiums.”
Head of Fraud at Hill Dickinson, Peter Oakes, said;
“The self-drive hire sector is a favourite target for opportunist and organised fraudsters looking to use rental company vehicles and insurance policies to facilitate substantial claims for fake injuries, credit hire, storage charges and vehicle repairs arising out of staged and induced accidents. We are delighted to be partnering with the BVRLA to support rental companies in defeating the fraudsters eroding their profit and endangering other road users.”
BVRLA and Hill Dickinson plan to publish the findings of their research in May 2015.
