Welcome to Fundamentally Honest, the blog on all things fraud from Kennedys’ experts.
Whatever your involvement and interest in insurance and claims fraud, we are here to keep you up to speed on developments in legislation, procedure, case law, innovation and technology, best practice, claims investigation, the latest thinking and more.
We will share our experience and insight with both UK and global perspectives and bring you guest writers from across the industry.
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The Financial Conduct Authority (FCA) has recently issued a Portfolio strategy to claims management companies (CMCs). This essentially outlines their vision for the CMCs and the regulation strategy from now until July 2022. The letter covers the ‘key drivers of harm’ as identified by the FCA. The behaviours which the FCA have noticed from CMC’s which can mislead their consumers to their detriment and breed fraud.
Crash for cash scams involve fraudsters who intentionally drive dangerously (such as slamming on their brakes suddenly and without reason), to cause an innocent motorist to crash into them so they can claim for compensation.
In a world of “where there is blame, there is a claim”, low speed impacts (LSI) or low velocity impacts (LVI) are at the forefront of road traffic insurers’ minds; a scenario where the pursuer (claimant) claims to have suffered an injury after being involved in a minor road traffic collision with another road user.
Ghost brokers are fraudsters who set out to sell cheap insurance deals where the policies either don’t exist at all or aren’t valid. Either way, the consumer will not be provided with any form of legal insurance.
“I’m calling because I am aware that you have been involved in an accident and you may be entitled to compensation.” We are all familiar with a call or text message like this but have you ever stopped to consider that this may not just be a way for a claim management company to generate leads for claims? In fact, this is just one of the ways a compensation scam can start.
Kennedys are pleased to support the national campaign, ‘STOP THE SCAMS’ which has been launched by the insurance industry in a bid to help the public spot the signs of scams and report these to the Insurance Fraud Bureau (IFB) via Cheatline.
Sometimes there is an absence of any real detail in a Claim Notification Form (CNF). It may be a missing National Insurance number, an incomplete address or no description of the injuries allegedly suffered. The missing information could be the very first signs that something is not right with the claim.
If it sounds too good to be true…the SRA issue warning to firms around cavity wall insulation claims
We consider the impacts of the latest SRAb warning to firms around cavity wall insulation claims.
The classic scenario in a low speed impact is that one vehicle hits another at a low speed and there is barely any damage to either vehicle. The seemingly minor impact prompts claims for compensation for whiplash injuries, often with lengthy prognoses of 12-18 months of suffering.