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Fraud Emma Vigus
Howden Insurance Brokers
OUR KNOWLEDGE: YOUR ADVANTAGE
It’s been going on for years
• And you’ve been fighting it for years
• Apply what you’ve already learnt
• At the heart of every fraud is a confidence trickster
• Don’t ignore the warning signs
OUR KNOWLEDGE: YOUR ADVANTAGE
Impact on PI insurance
• 6,250 claims and notifications
• 56 known to relate to fraud
• £7.8m in settlements and legal fees
• QBE - 150 successful cases of Friday fraud and 10 times as many failed attempts
• 25% of firms - experienced a client attempting to use a conveyancing transaction to commit financial crime
OUR KNOWLEDGE: YOUR ADVANTAGE
Impact on PI insurance
• The risk is already priced in
• Premiums are falling
• That won’t always be the case
• Experian suggest incidences of fraud are falling
• Advisers and lenders suggest otherwise
• 15% of the world’s GDP originates from organised crime
• More likely to be detected in a downturn
OUR KNOWLEDGE: YOUR ADVANTAGE
Culture first…..
• Conveyancers will always be near the top of the hit list
• All firms will have multiple points of vulnerability
• Technology increases the ways to access your money and your client’s money
• Are you the best person to identify your businesses weaknesses?
– Do you understand the threat – Do you know what tools are available and whether they are effective – Can you take an honest view of your business?
OUR KNOWLEDGE: YOUR ADVANTAGE
Culture first…….
• Collaborate and communicate • The entire business has a role to play • Do you really know your team? • It takes time……. • The rules apply to every transaction
OUR KNOWLEDGE: YOUR ADVANTAGE
Culture first…….
• Regular audits • Don’t act for the client if you’re suspicious • Educate your clients • Technology doesn’t replace KYC • Know how to respond
OUR KNOWLEDGE: YOUR ADVANTAGE
OUR KNOWLEDGE: YOUR ADVANTAGE
“We are delighted with the service we received from RKH (Howden) in respect of our PI arrangements. The form filling process was very straightforward. We received our application forms in good time and our insurance quote was sent back to us promptly, allowing us the time to discuss the quotation in good time prior to the expiry of our existing policy. We achieved a 30% reduction in our PI premium as a result of using the SLC Scheme. This is undoubtedly the single largest cost saving that we have made in our history, which shows the value of getting a second quote for indemnity insurance. I would not hesitate to recommend the SLC insurance policy.”
Lloyd Davies
Managing Director Convey Law Limited
Professional indemnity Cyber liability Directors and Officers Title insurance Private client insurance Corporate insurance
W: www.howdengroup.com T: 020 7133 1300 E: [email protected] @howdenpii 16 Eastcheap London EC3M1BD
Edward Donne [email protected]
020 7133 1247
Emma Vigus [email protected]
020 7133 1570
Howden is a trading name of Howden UK Group Limited, part of the Hyperion Insurance Group. Howden UK Group Limited is authorised and regulated by the Financial Conduct Authority in respect of general insurance business. Registered in England and Wales under company registration number 725875. Registered Office: 16 Eastcheap, London EC3M 1BD. Calls may be monitored and recorded for quality assurance purposes. The information contained herein is based on sources we believe reliable and should be understood to be general risk management and insurance information only. Howden makes no representations or warranties, expressed or implied, concerning the accuracy of information contained herein. The information is not intended to be taken as advice with respect to any individual situation and cannot be relied upon as such.
Copyright © October 2016 Howden UK Group Limited
