I once asked a colleague who had worked for multiple insurers why some carriers worked hard on fighting fraud through investments in technology and Special Investigative Units, while other insurers chose to do little if anything to combat fraud.
Those that chose not fight fraud looked at this strategy as “the cost of doing business,” he said.
That conversation occurred a little over a decade ago, so many of the technology tools that are used today weren't even available to most insurers at that time, but the idea of doing nothing still struck me as crazy.
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