Managing Fraud in the Insurance Sector | ICT

Managing Fraud in the Insurance Sector


Insurance fraud is not a victimless crime and affects everyone.

The UK Association of British Insurers (ABI) estimates that fraud adds, on average, an extra £50 to the annual insurance bill for every UK policyholder. According to ABI figures, in 2014, insurers uncovered 130,000 fraudulent claims worth £1.32 billion.

Evidence from recent studies carried out by insurers suggests that insurance fraud funds and facilitates other serious crime, including drug trafficking and money laundering.

Insurance fraud has a significant negative impact on the industry. For example, investigators in Sweden identified a criminal network that arranged at least 214 staged traffic accidents. Every major non-life insurance company in the Swedish market was affected by its activities (The impact of insurance fraud, Insurance Europe, 2013).

‘Insurance Europe’ (the European federation of national insurance associations), recognises that the training of insurance staff to raise awareness of fraud, and to highlight the new and ever-changing methods used by fraudsters, is a key feature within the industry response required.

The ICA Advanced Certificate in Managing Fraud can help in managing fraud risk more successfully.

ICA Advanced Certificate in Managing Fraud

This intermediate-level course is aimed at those already working within fraud risk management who wish to enhance their knowledge and skills as well as those who are new to the discipline. It provides a comprehensive understanding of fraud threats, how to formulate an effective strategy to prevent these threats and how to manage the response when they occur. You will learn how to implement key fraud management strategies at your firm to manage the risk to your business. The course also explores international fraud management best practice and anti-fraud frameworks. 

This qualification is awarded in association with Alliance Manchester Business School, the University of Manchester. In the UK, it is also endorsed by the British Bankers’ Association.

Who is this course suitable for? 

  • Fraud Prevention and Investigation officers
  • Employees with responsibility for internal organisational fraud
  • Internal Audit and Regulatory Staff
  • Law enforcement
  • Individuals who have completed the ICA Certifcate in Financial Crime Prevention

What will you learn?

  • International context
  • Global anti-fraud frameworks
  • Understanding risks
  • The 'Fraudster'
  • Formulating an effective counter-fraud strategy
  • Managing the response to fraud 
  • The future of fraud

Request a copy of the full syllabus here (on the ICA website)

ICT can also arrange in–house training, and bespoke briefings on managing fraud and financial crime prevention issues that affect your business. Get in touch today to find out more.

You may also be interested in our suite of financial crime prevention qualifications:

ICA Certificate in Financial Crime Prevention

The ICA Certificate in Financial Crime Prevention provides an excellent introduction to fraud prevention and provides practical knowledge and useful skills in financial crime prevention. 

ICA Diploma in Financial Crime Prevention / ICA International Diploma in Financial Crime Prevention

This advanced level qualification will helpincrease awareness amongst individuals and help prevent fraud, therefore protecting firms.

ICA Professional Postgraduate Diploma in Financial Crime Compliance (FCC)

The ICA Professional Postgraduate Diploma in Financial Crime Compliance is an expert level qualification for senior practitioners with a focus on AML, fraud and anti-bribery and corruption.  

 

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