Aviva detected policy fraud on almost 2,200 commercial motor policies last year, the leading insurer has revealed. The extent of front-end fraud in the commercial motor space comes as Aviva announces it is now screening all commercial motor policies for fraud at point of application.
Aviva is using Hunter, a fraud detection tool from Experian, on its commercial motor book and is also performing strong application fraud checks across all of its products, including Fast Trade Mini Fleet. Hunter screens key underwriting data – such as company name, address and vehicles to be covered – against shared and proprietary Aviva fraud databases.
According to Aviva’s head of fraud Tom Gardiner, fraudsters will not be able to access the company’s products, or impact its customers or brokers.
Aviva’s policy screening identifies features or behaviour which may indicate suspicious or fraudulent applications. It also checks against previous known and suspect fraud. This additional layer of security adds to Aviva’s fraud detection capabilities, allowing the insurer to detect and identify fraud earlier and supporting its holistic approach to fraud prevention.
Application fraud can range from deliberately misrepresenting claims history, convictions and addresses in order to access cheap cover, to buying policies with the purpose of making bogus claims. Screening commercial motor policies will reduce the effect that fraud can have on commercial motor premiums for genuine customers. For the full story, please click here.