‘Next-gen technology can help in battle against travel insurance fraud’

Posted by Ben Ireland on
‘Next-gen technology can help in battle against travel insurance fraud’

Next-generation apps can help in the fight against fraudulent travel insurance claims, says a firm which has collected data which shows that nearly half of people would not rule out friends and family fudging the system to claim for electronics they never owned.

Aquarium Software commissioned YouGov to ask Brits if they had ever told a fib during a travel insurance claim – and 91% said they had never done so. Of its respondents, 7% said they couldn’t recall and 2% said they’d prefer not to say.

But when asked if friends, family members or colleagues may have told a mistruth when making a claim, 3% said they had, 2% preferred not to say and 43% couldn’t recalled, a revelation Aquarium Software said was “perhaps revealing”.

The tech firm says the fraud costs the UK travel industry £3.6 million a day and is “not a victimless crime” that in turn creates hikes in premiums for honest holidaymakers.

It believes the latest travel insurance technology is set to change that by delivering powerful anti-fraud tools for insurers to increase detection rates and lower premiums.

“The full research makes fascinating reading, particularly when six percent of 18-24 year olds prefer not to say (three times the national average), and 15 percent of the same age group couldn’t recall (more than double the national average),” said Aquarium director, Mark Colonnese.

“Taken at face value, the implication is that the young may have a more cynical view of fraud; of course it could be argued they are simply more honest about their misdeeds. Either way, the generation gap is clearly evident when it comes to travel insurance fraud.”

“Older age groups may be much more circumspect when it comes to admitting misdemeanours, and human nature makes it difficult to get 100% reliable stats on fraud; however what we can say is that next generation apps are going to be grounding fraudsters faster, no matter how old they are, so people should think carefully before adding an extra camera on to a travel insurance claim, for example, or claiming for a piece of tech they never owned in the first place. The technology net is tightening on the travel insurance criminals, and that will be good news for us all in the long-run.”


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