KGM Announced Absolute Partnership

by Stewart Douglas

Story link: KGM Announced Absolute Partnership

Lloyds insurer KGM Insurance has today announced it has reached an exclusive three year agreement with fraud experts Absolute CM in order to assist in the management of claims and in developing innovative cognitive interviewing designed to uncover fraudulent claims.

Absolute CM are notable specialists in developing interviewing techniques that are designed to oust fraudulent claims. The agreement will see Absolute handle the entire backlog of motor theft policy claims under KGM Insurance’s management in order to improve efficiency and minimise fraudulent losses which have become an increasing problem in the industry over recent years.

The move marks a shift by KGM Insurance away from their previous loss-adjusting focus on dealing with fraudulent claims, which it announced had had little effect in curbing the tide of misrepresented insurance claims and resultant losses.

Initial test runs with KGM and Absolute CM have unveiled a conversion report rate of 18% of all claims, which have been uncovered as fraudulent as a direct result of Absolute’s unique questioning policies, which was calculated as generating a 475% return on initial investment.

Whilst Absolute rely on state of the art cognitive techniques for managing fraudulent claims, they are nonetheless required to work within strict conduct guidelines in order to help accurately and fairly uncover incidences of fraud.

Speaking today on the agreement, KGM claims director Martyn Hardy said the company were delighted to announce the partnership of the two firms, with a view to providing return on investment for the company and policy holders in general.

Meanwhile Absolute managing director Stuart Dennis said he was looking forward to the prospect of furthering the reach of his company’s innovative techniques, which have proven particularly responsive to car theft claims.