Sedgwick’s fraud strategy saved £37m for clients in 2024

Sedgwick, a global leader in claims management, loss adjusting and technology-driven business solutions, has announced savings of £37 million in 2024 as a result of its proactive approach to tackling insurance fraud.

“Protecting our clients – and their genuine customers – from the cost of fraud is a fundamental part of the claims process,” said Ian Carman, director and head of Forensic & investigation services at Sedgwick UK. “We continue to invest in understanding the shifting fraud landscape, particularly the use of technology by fraudsters to carry out financially harmful activity.”

Ian continued, “I’m extremely proud that our continued focus on identifying and challenging fraudulent claims has once again delivered strong results for our insurance clients. These savings are driven by our combination of industry collaboration, skilled and vigilant colleagues, and a suite of advanced counter-fraud technologies.”

Sedgwick has observed a rise in complex fraud attempts, often involving cross-border activity and the use of highly convincing forged documents such as fake bank statements, boarding passes, death certificates and items featuring holograms and foil strips. The company also highlighted the increasing role of generative AI in helping fraudsters produce credible forgeries – reinforcing the growing threat across all insurance lines and regions.

The company has also reported growing interest from multinational corporations, MGAs and captives looking to enhance their fraud prevention strategies.

“Insurance fraud is not a victimless crime – it affects honest customers and puts pressure on global markets,” said Steve Crystal, head of fraud and investigation services, International. “We’re seeing global demand for support, not just from one region, and that’s why our focus is on ethical, proportionate investigations that help our clients respond to shifting risks and protect their customers from the rising costs associated with fraud.”

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Francesca Kaye