HBOS IS SET to start testing the use of lie detectors to process claims on household insurance by cu...
HBOS IS SET to start testing the use of lie detectors to process claims on household insurance by customers, to cut down on bogus claims, The Daily Telegraph reports.
The idea is to use machines to detect stress patterns in speech and to identify inconsistencies in claims stories.
HBOS is not the first company to rely on the technology: Admiral and Highway have both been using it, with the latter claiming to have increase fraud detection to 18% of claims from just 5% previously.
Questions remain over the reliability of the system, however, with Norwich Union identified as just one of the companies that "are not convinced of its usefulness".
THE PENSIONS OMBUDSMAN says his office is unable to cope with the growing backlog of cases following a record increase in the number of complaints about pensions The Times says.
Nearly 3,900 complaints were lodged in the year to April, the office reports, a 32% increase on the previous year and the highest total since the office was established in 1990.
Now the office is already facing a growing number of backlogged cases – more than 400 by April this year – while the number of cases taking more than a year to solve has increased by 35% in the past 12 months.
With pension funds still under pressure from stock market losses incurred in the recent bear market and consumers increasingly aware of the "pensions crisis", the number of complaints is expected to soar again through 2003.
ALLIANZ, EUROPE'S BIGGEST insurer yesterday said it was working on a plan to divest itself of Dresdner Kleinwort Wassserstein, the investment bank it bought for 23bn euros two years ago, the FT says.
The plan also commits the company to shedding another 4,700 jobs from the investment bank by 2005, adding to the 11,000 cuts announced since early last year.
DKW will survive, Allianz says, but it won't be getting any more money from its parent.
NEW FIGURES FROM the Office of National Statistics show that Scotland's economy has been in freefall since 1994, and last year saw average GDP per head drop to more than £5,000 below the London average, reports The Scotsman.
The Scottish economy has been identified as the only one in Europe that did not growt last year, the paper says, with the wealth gap now at more than £11bn compared to where incomes should be if they kept up with UK averages.
Joined as head of strategy, multi asset, in June
Group income protection
Nine in 10 do not have income protection
Set to become part of Single Financial Guidance Body