Fighting insurance fraud at the source: Proving ownership before the claim
Insurance fraud costs billions every year, and it thrives on unverifiable ownership. Instead of chasing fraud after the fact, insurers can prevent it at the source. See how verified ownership changes the game for fraud prevention.
Jen Wagner
Fraud is one of the biggest costs facing the insurance industry. According to the Association of British Insurers (ABI), detected general insurance fraud was worth £1.1 billion in 2023, up 4% from the previous year - and that doesn’t include what goes undetected.
The problem is simple: proving ownership after a claim is almost impossible. Fraudsters know this, and exploit it with fake receipts, staged photos, or exaggerated claims. The result? Higher costs for insurers, higher premiums for honest customers.
The proof problem
Insurers are fighting fraud after it happens - hiring investigators, cross-checking documents, disputing claims. But by the time it reaches that stage, the cost is already sunk.
The real solution is upstream: verified ownership before the claim.
With digital inventories, every item is logged with proof of purchase, metadata, and receipts direct from source. That means when a claim comes in, ownership isn’t just asserted - it’s verified.
Why it matters for insurers
- Lower fraud losses: proof of ownership reduces false claims at scale
- Operational efficiency: fewer investigations, disputes and delays
- Fairer pricing: honest customers aren’t subsidising fraudsters
Why it matters for customers
- Lower premiums: fraud drives everyone’s costs up; prevention keeps them down
- Faster claims: no suspicion, no delays, just proof
- Trust in the system: insurance works as intended when fraud is minimised
Key questions about fraud in insurance
How much does fraud cost the UK insurance industry?
The ABI reports that detected general insurance fraud in 2023 totalled £1.1 billion.
Why is fraud so hard to prevent?
Because ownership is usually unverifiable at the point of claim - making it easy to fabricate or exaggerate.
How can insurers reduce fraud?
By adopting verified ownership tools such as LAYBL, which record proof of purchase and metadata before a claim ever arises.
What does this mean for customers?
Honest policyholders benefit from lower premiums, faster claims, and fewer disputes.
Own it. Prove it. Protect it.
Fraud prevention doesn’t start with investigations. It starts with ownership. With verified proof in place, insurers save billions - and customers get the protection they pay for.
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