Insurers continue to see an increase in insurance fraud, but more and more are turning to technology to help in the battle against fraudsters.
In a recently released study by the Coalition Against Insurance Fraud, State of Insurance Fraud Technology, 60 percent of insurers said they have seen an increase in fraud over the last three years.
The biennial study was conducted in conjunction with analytics company SAS and highlighted research from 86 insurers who comprise a significant portion of the property-casualty market. And while fraud continues to escalate, insurers are employing more technology to catch fraudsters earlier in the process.
|Fraud-fighting tech paying big dividends
"Insurer investments in fraud-fighting tech are paying bigger dividends, and faster," explained Dennis Jay, the Coalition's executive director. "Insurers continue gaining confidence that tech is a nucleus of their efforts to stem surging fraud crimes."
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Patricia L. Harman
Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]
