TCF Motor
TCF Motor is
the largest outsourced fraud management solution provider in the motor
insurance sector.
Motor insurance is renowned for the risk it poses to insurers, and for
many insurers it was losing more money than it was making. The risks in
motor are manifold from contrived accidents and exaggerated injury
claims to bogus motor theft claims and can involve both organised gangs
and individual policyholders.
The
industry has taken a number of proactive steps in recent years,
including employing the services of TCF, in order to reduce or obviate
that risk, and the signs are now very encouraging. TCF continues to play
a pivotal role in motor insurance fraud management and leads the way in
its services and solutions to insurers.
Key Services
The
company delivers a cradle to grave desk top claims management and
investigation service specifically engineered to the motor insurance
market.
Key Features
- TCF
Motor’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enable inappropriate claims to be withdrawn.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 Motor will fast track the claim to
settlement actively reducing lifecycles for genuine claimants and
where applicable applying vigorous cost control through use of the
company’s bespoke Motor Vehicle Valuation Service.
- 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 Motor 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 Motor
provides a guaranteed return on investment, providing a minimum
saving on claims spend of 475%.
- TCF Motor
recognises every client is unique and develops bespoke services to
meet individual business requirements.
- TCF Motor’s
methodology enhances the insurer brand through delivery of extreme
levels of customer service to policyholders.
- TCF Motor’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 Motor deters positive selection by fraudsters.
- TCF Motor’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.
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