Allianz's personal lines business has reported a 29%¹ increase in fraud prevention in 2023 compared to the previous year. This spans across all types of insurance fraud from motor claims, home claims and application fraud, and the notable rise of ghost brokers and their tactics to lure innocent victims into a fake insurance policy.

Unfortunately, a landscape of rapidly evolving fraud tactics is evident, with fraudsters regularly adapting their methods to pursue new scams, including a rise in moped crash for cash fraud and an increase in shallow fakes. Cases where apps were used to distort real-life images, videos and documents increased by 300%² from 2022 and into 2023, and has all the signs of becoming the latest big scam to hit the insurance industry.

In one case, an individual had a picture of his van posted on his social media page as part of his business, and had a claim pursued in his name for an accident that never took place. LV= received images of his vehicle from the fraudsters, showing the front bumper had been cracked in the alleged accident, along with a false repair invoice totalling over £1000. Noticing concerns with the claim, LV=’s fraud team investigated the case, identifying the image was identical to the one found on social media but with the addition of photo editing.

However, it’s not just photo editing that poses a problem for the insurance industry, but also other emerging technologies, including AI and the rise of deep fakes. The rapidly changing nature of these fraudulent activities pose big risks to UK consumers, and in recognition of fraudsters evolving their tactics Allianz’s personal lines business is developing how they build upon existing controls.

As part of its fraud investment, the insurer is announcing a new partnership with voice analytics tool Clearspeed, to detect more fraud and help accelerate the processing of genuine customer claims. Clearspeed provides a unique technology that not only helps identify potential fraudsters that were previously undetected, but also provides insight to help make better decisions and prioritise resources to boost efficiency and support a better customer experience.

Ben Fletcher, Director of Financial Crime at Allianz’s personal lines business comments:

“Here at Allianz we remain committed to combatting fraud and safeguarding the interests of our honest and loyal customers. Our increased fraud detection rate in 2023 reflects how seriously we take this issue and our partnership with Clearspeed is the next step in our ambitious plans to enhance our fraud prevention measures. I look forward to a collaborative and effective partnership to further prevent insurance fraud and crime”.

Alex Martin, CEO of Clearspeed adds:

“Allianz is a world class organisation and we’re thrilled to announce our partnership with them as we expand our footprint in the UK insurance market. In an increasingly complex risk environment, with accelerating customer experience expectations, there’s never been a better time to reimagine the claims process.”

“At our core, we believe the key to better identifying risk and preventing fraud is by enabling trust. This paradigm shift is critical to transforming the insurance industry to meet the challenges of today’s world. We can uniquely address that need without trading off between customer satisfaction and risk detection, leaning into greater precision and actionable insights.”

Notes to editors

Media contact:

Natasha Gibbs, External Communications Manager at Allianz & LV= General Insurance, natasha.gibbs@allianz.co.uk

About Clearspeed

Clearspeed is the market leader for assessing risk in speech. Global organizations trust our highly precise, accurate, and unbiased voice analytics to fast-track low risk while also alerting to possible fraud. Our clients and partners rely on the unique data we provide to improve their risk confidence, reduce their costs, and deliver an improved customer experience.

About Allianz Holdings plc

Allianz Holdings plc is the non-regulated holding company which owns the principal insurance operations of Allianz SE in Great Britain including Allianz Insurance.

About Allianz car insurance

Allianz car insurance has been re-branded from Flow insurance and offers a digital self-service annual motor product. It’s designed to be straightforward, providing customers with control at the touch of a button. Launched in 2021, Flow car insurance is Defaqto 5 Star rated and voted excellent on Trustpilot. Flow was awarded ‘Best motor insurance provider’ at the 2023 Insurance Choice awards as voted by customers. For more information visit: https://www.allianz.co.uk/

About Allianz

The Allianz Group is one of the world's leading insurers and asset managers with around 125 million* private and corporate customers in nearly 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 737 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.7 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2023, over 157,000 employees achieved total business volume of 161.7 billion euros and an operating profit of 14.7 billion euros for the group.

* Including non-consolidated entities with Allianz customers.

**As of December 31, 2023.

Mandatory corporate information: Corporate disclosures

These assessments are, as always, subject to the disclaimer provided below.

Cautionary note regarding forward-looking statements

This document includes forward-looking statements, such as prospects or expectations, that are based on management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements.

Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz’s core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) adverse publicity, regulatory actions or litigation with respect to the Allianz Group, other well-known companies and the financial services industry generally, (iv) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (v) mortality and morbidity levels and trends, (vi) persistency levels, (vii) the extent of credit defaults, (viii) interest rate levels, (ix) currency exchange rates, most notably the EUR/USD exchange rate, (x) changes in laws and regulations, including tax regulations, (xi) the impact of acquisitions including related integration issues and reorganization measures, and (xii) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.

No duty to update

Allianz assumes no obligation to update any information or forward-looking statement contained herein, save for any information we are required to disclose by law.

Privacy Note

Allianz SE is committed to protecting your personal data. Find out more in our privacy statement.

¹Year on year comparison of how much money has been saved by Allianz personal lines business on combatting insurance fraud.

²Allianz data on contrived motor insurance accidents from 2021 – 2022 including LV= General Insurance data.

Get notified as soon as we issue a new press release:

Follow Allianz Insurance plc on Mynewsdesk

ALP | Insight

Get ready for employment changes

Significant change is coming for employers with the government proposing the biggest shake-up to employment law for more than a generation. But, while the proposals in the Employment Rights Bill will boost employees’ rights, they should also increase productivity.

Average cost of battery fire claims hits £50,000

Data released today by leading insurer Allianz reveals the high cost of fire-related claims involving lithium batteries. The average cost of these claims is £50,000, with fires caused by leaking and damaged batteries and overcharged e-vehicles combusting at home.

Press release

Isabella Von Mesterhazy takes up the reins as Managing Director for Allianz UK Specialty business

Allianz UK has today announced that Isabella Von Mesterhazy has been appointed Managing Director for its Specialty business, effective 1 December 2024, subject to regulatory approval. This appointment follows the decision by incumbent MD for Specialty Kieran O’Keeffe to retire at the end of the year.

battery storage systems with solar panel charging

Insight & expertise

Energising Renewable Energy with Battery Energy Storage Systems

Battery Storage plays an important role in renewable energy by helping to respond to electricity demands. BESS help to stabilise the grid by storing excess energy generated from renewable sources during periods of low demand...

Press release

Allianz and Youth Sport Trust MoveNow programme inspires over 1,600 children

Allianz UK, the Worldwide Insurance Partner of the Olympic and Paralympic Movements, worked with the Youth Sport Trust to inspire UK school children to rebuild their health, happiness, and resilience post-COVID through its MoveNow Festivals

Press release

Allianz Commercial welcomes new head of London region

Allianz Commercial has appointed Rob Carslake as its new head of London region for mid-market. Rob is responsible for the leadership of Allianz’s London region, shaping the business strategy for the region and delivering on its underwriting goals.

Press release

One in five cars damaged by potholes has to be written off

Data from leading insurer Allianz reveals that one in five (21%) insurance claims where a vehicle hit a pothole leads to the vehicle being declared an insurance write-off.

Press release

Allianz is the world’s #1 insurance brand

For the first time, Allianz has been named one of the 30 most valuable brands in the world, moving up two places to the 29th position in this year's Best Global Brands ranking from Interbrand.

Insight & expertise

Lithium-ion batteries - health and safety considerations

Lithium-ion batteries are the main type of rechargeable battery used and stored in commercial premises and residential buildings. The risks associated with these batteries can lead to a fire and/or an explosion with little or no warning.

Press release

More than 7,000 new homes to be built in areas of high flood risk

Planning permission has been given for more than 7,000 homes to be built in the areas at the highest risk of flooding in England, a report commissioned by leading insurance provider Allianz reveals today.

Press release

Let your voice be heard at the Insurance Times Awards 2024

Insurance Times has recently announced the shortlist for its annual awards, with the winners confirmed at an award ceremony taking place on 4 December. Recognising the best of the best across the insurance industry - we wish everyone shortlisted the best of luck!

Insight & expertise

Supporting SMEs through challenging times

Insurance has a key role to play in helping SMEs through tougher times. We explore the ways in which insurance companies and brokers can support their small business customers.

ALP | Insight

ATE insurance and funding – how to choose the right funding solution?

As the personal injury and clinical negligence markets continue to be increasingly challenging to provide legal services in, there's an increasing need for ATE providers, medical agencies and funders, to work together and provide integrated and sustainable solutions, for solicitors and their clients.

Weary behind the wheel?

Our study reveals driving tired results in twice as many mistakes. Motorists are twice as likely to drive recklessly and impede people’s safety on the road if tired, according to new research from car insurance provider Allianz.

Press release

Allianz UK reports increase in fraudulent hearing loss claims and cloned businesses

Allianz UK fraud teams are seeing a marked increase in fraudulent noise induced hearing loss and fake or cloned businesses coming through in the first half of 2024.

Allianz prevents 29% more fraud and announces partnership with Clearspeed

Related articles

You might also be interested in these other news and insight features:

Get ready for employment changes

Average cost of battery fire claims hits £50,000

Isabella Von Mesterhazy takes up the reins as Managing Director for Allianz UK Specialty business

Energising Renewable Energy with Battery Energy Storage Systems

Allianz and Youth Sport Trust MoveNow programme inspires over 1,600 children

Allianz Commercial welcomes new head of London region

One in five cars damaged by potholes has to be written off

Allianz is the world’s #1 insurance brand

Lithium-ion batteries - health and safety considerations

More than 7,000 new homes to be built in areas of high flood risk

Let your voice be heard at the Insurance Times Awards 2024

Supporting SMEs through challenging times

ATE insurance and funding – how to choose the right funding solution?

Weary behind the wheel?

Allianz UK reports increase in fraudulent hearing loss claims and cloned businesses

Follow us