• GL
Choose your location?
  • Global Global
  • Australia
  • France
  • Germany
  • Ireland
  • Italy
  • Poland
  • Qatar
  • Spain
  • UAE
  • UK

Fraudulent Business Interruption claims

As a result of business closures during the COVID-19 pandemic, we have seen a high number of exaggerated and fraudulent business interruption claims, meaning Insurers are at risk of over-compensating policyholders. Our specialist team of forensic accountants and intelligence analysts have the tools and expertise to detect inaccurate information, to help safeguard you from fraud and help you to settle legitimate business interruption claims at the right amount.

What are the issues?

Our team have been supporting Insurer clients with business interruption claims since the first UK lockdown. In this time we have seen anomalies in claims including:

  • Overstated or understated furlough claims
  • Inconsistent or incomplete financial records
  • Claims from multi-site businesses for losses at sites that do not exist or were planned for closure
  • Overstated historic sales records
  • Understated sales achieved during the indemnity period
  • Policy cover that commenced unusually close to the risk period
  • Inconsistencies between financial records and the business' operations
  • Undeclared cost savings.

How can we help?

We are offering a two-phased business interruption fraud detection service for Insurers and Claims Handlers.
Phase one – Uncovering high risk issues

Intelligence screening

When you refer claims to us, we will process the details through our comprehensive claims database, D:cypher, to uncover any suspicions or evidence of previous misconduct connected to the policyholder, its management or key employees.

Forensic review

Meanwhile our forensic accountants will review all of the documents provided in support of the claim(s), to uncover anything that doesn't stack up, such as inconsistencies in the financial records or calculations or explanations.

Risk report

We will use this intelligence to provide a concise risk report highlighting any red flags and identifying any further concerns or areas which may require further information from the policyholder or a more in-depth Phase Two investigation.

Phase Two – Further investigation and quantification

Once our Phase One findings have been considered and any risks appraised, we can conduct a further targeted intelligence review or a full quantification exercise.

Our intelligence team are experts in finding and analysing relevant information from a wide range of sources beyond our proprietary database; including public records, data aggregators, subscription services and social media.

Our experienced forensic accountants can assess the financial elements of BI claims and fairly quantify any true business losses to eliminate the risk of over-compensation.

Pricing

We offer our Phase 1 service at a fixed fee of £750 per claim with the option of flexible pricing for a volume of claims. Phase 2 pricing is bespoke to the particulars of each claim and the intelligence gathered from Phase 1.

Enquire

We use cookies to give you the best user experience on our website. Please let us know if you accept our use of cookies.

Manage cookies

Your Privacy

When you visit any web site, it may store or retrieve information on your browser, mostly in the form of cookies. We mainly use this information to ensure the site works as you expect it to, and to learn how we can improve the experience in the future. The information does not usually directly identify you, but it can give you a more personalised web experience.
Because we respect your right to privacy, you can choose not to allow some types of cookies. Click on the different category headings to find out more and change permissions. However, blocking some types of cookies may prevent certain site functionality from working as expected

Functional cookies

(Required)

These cookies let you use the website and are required for the website to function as expected.

These cookies are required

Tracking cookies

Anonymous cookies that help us understand the performance of our website and how we can improve the website experience for our users. Some of these may be set by third parties we trust, such as Google Analytics.

They may also be used to personalise your experience on our website by remembering your preferences and settings.

Marketing cookies

These cookies are used to improve and personalise your experience with our brands. We may use these cookies to show adverts for our products, or measure the performance of our adverts.