* These results are averages achieved dependent on the types of claim referred to VFM. We will work with the client to design an effective referral criteria to achieve a minimum two to one Return On Investment.
NEW ERA REDUCES OPPORTUNITIES FOR
FRAUD AND CONFRONTATION.
An important effect of New ERA has been the increase in claims voluntarily withdrawn. As one bank insurer put it, “it’s a win-win for us because these customers have withdrawn with good grace, and, remember, many still
have mortgages and loans with us.”
Such pragmatism acknowledges the reality that fraud can be ‘tongue in cheek’, or ‘opportunistic’. In fact, from a commercial perspective, in a majority of cases proving fraud beyond all doubt is seldom possible and rarely merits the costs and risks involved. On the other hand, containing a claimant’s imagination is a direct and intended product of New ERA.
The Financial Services Authority (FSA) says “It is a requirement of the FSA that senior managers working within the financial sector take responsibility for managing fraud risks and that organisations have effective systems and controls in place to detect fraud or risks they have to face”.
VFM will design and deploy your risk management strategy and provide a totally FSA compliant outsource service, in accordance with Treating Customers Fairly guidelines to manage high risk claims on your behalf.