Tackling the £3 billion cost of fraud together
Fraud is an enormous problem, with the UK government’s insurance fraud taskforce estimating the cost to the public and businesses to be around £3 billion, and that’s in addition to the immeasurable hours taken up in courts and by innocent individual policyholders.
It is believed that every insurance policyholder in the UK pays an average of £50 per year extra for their car and home insurance and fraud funds more serious crimes such as money laundering, drug trafficking and terrorism.
Our solution: VBase
Verius Risk Solutions use of unique data sources and collaborative approach to data sharing ensures that our database, VBase can provide a genuine solution in the fight against fraud.
Through VBase, Verius can harness the power of collaborative data sharing, aggregation and analysis to detect, manage and prevent fraudulent applications and claims on behalf of our clients. Our bespoke client services proactively work to identify likely frauds at the very outset, and with sub second advanced analytics stop these crimes from occurring in the first place.
Verius Risk Solutions
Advances in regulation and technology are driving huge changes in the way that risk is managed in day to day life - particularly in the insurance and financial services markets. By 2020, the way we interact with customers, negotiations between representatives and strategic policy and decision making, will look remarkably different. We are very proud to be part of the change.
There are many aspects to be considered when it comes to fraud prevention - and collaboration and data sharing will continue to be important components for all service providers. VBase, our fraud prevention database, is part of the solution. It pulls together data from a variety of sources, including insurance providers, Companies House PEP and sanctions data. Many of the data sources are Unique to VBase making it the most complete database of its kind.