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Attempts to regulate claims farming and its impact have shaped the evolution of claims farming practices and the way businesses operate.
The traditional model of operating a claimant personal injury law firm has long gone. Squeezed margins as a result of the fixed costs changes have impacted profit margins and, therefore, the viability of a number of claimant law firms.
In the second installment of our claims farming series we explore the modus operand. How does claims farming work? Who are the parties involved? What are the behaviours it creates in claims? Who is gaining financially? And what is the impact of the practice?
In the previous installments of our series ‘The Future of Fraud’ we discussed the industrialisation of claims. In this new series, we will explore the practice of Claims Farming: what it is, how it works, current examples and future possibilities.
Technology has always been an enabler of fraud and this is an interesting development in mandate fraud, also known as ‘Friday Frauds’.
In the fourth and final part of this series we examine the recent change of regulatory body in relation to claims management activity and the avenues still open for industrialisation of claims and lead generation.
This week we’re back with the third part of this series where we consider the possible impact of civil reform and consider how fraud will remain a persistent problem for insurers and other compensators with new processes to exploit.
With insurer digital claims strategies, integrated data via web-enabled APIs and the Claims Portal we are more data rich than ever before with quality, quantity and depth to allow greater sophistication in fraud detection.