Daily Archives: October 29, 2009

Anti-Money Laundering, Assets, Business, Financial, Financial Services, Money, Security

Identity Checks Supplier Continues To Expand

Leading suppliers of identity checks and anti-money laundering services, Tracesmart, are to expand their workforce which will help manage the increasing demand for their services. The expansion will specifically involve the administration, sales and IT teams.

Identity Checks Supplier Continues To Expand

Tracesmart is currently active in a number of industries however the key B2B markets in which it operates include pensions and debt collection. Both these sectors use the company’s data cleansing and consumer location services to trace people in order to re-establish contact. The pensions industry further utilises Tracesmart’s Existence suite of services which can be used to identify scheme members who have relocated or are deceased, this helps pension schemes better manage their member payments, and protect themselves and their members against fraud.

Demand for Tracesmart Corporate services has already prompted the company to recruit seven new members of staff over recent months. They now plan to recruit a further eight to strengthen their numbers and continue their expansion within their core and new commercial arenas. Tracesmart’s employee levels will soon total sixty, and the company headquarters still has capacity for further growth as their Business Support Manager, Rebecca Westlake, commented,

“We recently completed the refurbishment of our newly expanded Cardiff head office. In line with our expansion plans, the improvements have allowed us to develop and deploy individual teams efficiently and effectively to optimise our work environment.”

With close ties to both his front line staff and the company’s major clients, Tracesmart’s Managing Director, Mike Trezise, is fully aware of how and when the company will continue to expand. Commenting on his company’s development Trezise stated,

“We continue to reap the rewards of our ongoing marketing and sales campaigns within our core sectors. Demand has further led us to increase our staff to meet current and new client needs. We will continue to ensure our clients receive the best possible service and I’m confident that we’ll experience sustained growth in 2010.”

About Tracesmart:
Established in 1999, Tracesmart Ltd is a leading provider of consumer intelligence services. It specialises in the provision of data cleansing, consumer tracing and identity verification.

Via EPR Network
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Financial, Financial Information, Financial Services, Insurance, Insurance Services, Money

No Kidding – Average Age of Child on Parent’s Car Insurance is 31

In the past year the average age of a child named as a second driver on their parent’s car insurance policy has shot up from 25 to 31 years old, according to new research from uSwitch.com. As the recession takes its toll on the Bank of Mum and Dad, 10 million drivers (39%) have a second named driver on their policy and 2.5 million (10%) of these are offspring.

Being named on a parent’s policy is a legitimate practice, providing that the child in question is not the main driver of the vehicle. However, with insurance premiums on the up, high petrol prices and other escalating costs, keeping a car on the road has become challenging for many young motorists. As a result, many are putting themselves on the wrong side of the law by indulging in a fraudulent practice known as ‘fronting’.

‘Fronting’ takes place when a young person buys and registers a car in their own name, but the insurer is falsely told that a parent is the main driver – and cases have shot up since the onset of the recession. According to the Association of British Insurers (ABI), ‘fronting’ and other forms of insurance fraud have increased by 30% since 2007 and the cost of undetected fraudulent general insurance claims is now estimated at £1.9 billion a year, up 24% from £1.6 billion two years ago.

Ultimately consumers end up paying the price for this activity – insurance fraud now adds an average of £44 a year to every household’s general insurance costs.

In addition to ‘fronting’, some young motorists are taking cost cutting to an extreme with as many as one in five (250,000) 17-20 year olds driving without insurance, according to the Motor Insurers’ Bureau (MIB). In the current economic climate it’s also unsurprising that many feel forced to downgrade their type of cover to the more affordable ‘Third Party’.

Young drivers are not alone in this – one in five (20%) of all third party policy holders have opted for a reduced level of cover because they are simply unable to afford fully comprehensive cover in the current financial environment.

Via EPR Network
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