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TCF Lifestyle

Lifestyle insurance products provide additional cover to everyday items either not covered by household insurance e.g. mobile telephone, or is additional protection purchased at the point of sale for belongings such as furniture, electrical items etc. There is even more fraud risk in this insurance than home insurance, because of the type of commodity being insured. These commodities, such as mobile phones, a suite of furniture, a laptop etc become outdated or out of fashion so much quicker than other belongings, and like home cover, lifestyle cover can tempt some policyholders to fraudulently claim on their insurance in order to replace or upgrade the item, without any cost.

Key Services

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

Key Features

TCF Lifestyle'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fully investigate claims, gather evidence to repudiate claims, and also encourage and enable inappropriate claims to be withdrawn.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 the internally developed Flatliner 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 Lifestyle 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 Lifestyle 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 Lifestyle provides a guaranteed return on investment, providing a minimum saving on claims spend of 300%.

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

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

TCF Lifestyle'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 Lifestyle deters positive selection by fraudsters.

TCF Lifestyle'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.