VFM Services warns insurers to be on the alert over the next couple of months, as it expects fraudulent claims for televisions to rise significantly over the summer period.
Historical data from the firm reveals that in the run up to the last World Cup in 2010, claims for TVs rose by almost a quarter (23%) compared to the three previous months. Of all the TV claims received by VFM during this period, four in ten (39%) claims were not settled or the customer walked away after being challenged by VFM’s conversation management process.
This saved the insurance industry over £165,000 in three months alone, just from those customers trying to fraudulently claim for a new TV.
VFM experts believe that the figure will be the same, if not higher this summer, with the Euro 2012 championship, the Olympics and Paralympics all taking place. It predicts that of all the TV claims it receives in this period; its conversation management technique will highlight almost half as fraudulent, and therefore will not be paid out.
Steve Jackson, Director of Operations at VFM comments: “We saw a marked increase in the overall level of claims for TVs in the run up to the last World Cup, and we believe the level will peak ahead of the Euro 2012 and the Olympics this year.
“We warn insurers to be extra vigilant when settling claims for televisions and other portable media devices as by their constantly evolving nature, people want to have the latest upgraded model to enjoy. Our experience tells us there are claimants out there who will see if they can get away with defrauding their insurance company to get themselves a bigger and better TV for the summer.”
Damage to TVs and laptops remain among the top items people claim for on their household insurance policies, with TVs being one of the most popular that VFM sees referred to its conversation management process.
