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TCF Household

Household insurance claims pose high levels of potential fraud and exaggeration risk to insurers. A vast majority of households in the UK have buildings and contents insurance cover and for many years it has become seen and even accepted, as a cheap way to upgrade Household furnishings and fittings, electrical goods and high-tech gadgetry associated with the Household e.g. computers etc. This is now exacerbated with the pace of change in today’s consumerist world, be that design fads, styles and product improvements, and therefore more and more policyholders are tempted to replace or upgrade their home and belongings by making up or exaggerating a claim.

From the work undertaken by TCF the specific household items at most risk of fraud continue to be; accidental damage to televisions, computers, laptops, carpets, and personal MP3/4 players, followed by accidental damage to sanitary ware and furniture and items stolen as a result of burglary.

Key Services

The company delivers a cradle to grave desk top claims management and investigation service specifically engineered to the Household insurance market.

Key Features

TCF Household’s approach concentrates on the claim event in the first instance, and not the claimant, which is a reversal from convention and in stark contrast to traditional (and far less effective) claims handling approaches. This methodology enables quick decisions to be made about genuine claims and confident decisions to be made about high risk claims. High risk claims are seamlessly handed off to counter-fraud specialists who are skilled to fully investigate claims, gather evidence to repudiate claims, and also encourage and enable inappropriate claims to be withdrawn.

Each customer is taken through a unique validation process, where they speak with a psychologically trained validation expert whose role is to determine genuine and high risk claims utilising an internally developed Fraud Management Solution.

The validation process enables claimants to tell their story but also controls the imagination of the dishonest claimant providing a completely unobtrusive risk assessment of the claim.

Where a claim is validated as genuine TCF Household will fast track the claim to settlement thereby reducing lifecycles for genuine claimants, and where applicable, applying vigorous cost control through the use a supply chain network.

Where a high risk is identified the claim will be referred to the company’s specialist investigation unit to review the evidence, look for any gaps, and where necessary take the claim to a point of repudiation. Investigators are specifically trained to focus on the anomalies that have arisen during the validation process, having at their disposal the most innovative data tools to support their investigation.

Insurers can opt for TCF Household to manage the repudiation process on their behalf, informing policyholders of the decision and explaining the basis upon which it has been taken.

 

Key Benefits

TCF Household provides a guaranteed return on investment, providing a minimum saving on claims spend of 300%.

TCF Household recognises every client is unique and develops bespoke services to meet individual business requirements.

TCF Household’s methodology enhances the insurer brand through delivery of extreme levels of customer service to policyholders.

TCF Household’s approach reduces confrontation with dishonest claimants. Claims fraud is predominantly committed by people who do not perceive themselves to be criminals; likewise such people will not feel comfortable expanding upon the lies they are telling.

Engagement with TCF Household deters positive selection by fraudsters.

TCF Household’s methodology and processes fully support FSA compliance, providing insurers with the ability to demonstrate that they actively manage fraud, whilst adhering to the principles of treating customers fairly.