Combatting financial crime – proof of funds for motor claims
We’ve recently made some changes to how we process insurance claims, where the vehicle is beyond economical repair, across both our personal and commercial motor business.
If a vehicle is involved in an incident and deemed beyond repair, we may now ask for proof of funds to evidence the purchase of the vehicle.
This proof of funds can simply be a copy of a customer’s bank statement which can be emailed directly over to the claim handler for ease.
As a financial institution, Aviva has a regulatory responsibility to understand the source of funds for insured assets and it is also part of the policy condition that we may request additional documentation for us to progress a claim.
Although this isn’t currently common practice across all insurance providers, fighting fraud in the industry is something we’re tackling head on and we continue to work with our Financial Crime team to mitigate against money laundering and other fraudulent activity.
We ask that you support us in this and assist us with obtaining the additional information from our policy holders where possible.
If you have any further questions on this subject, please speak to your claims relationship or service manager.