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Facing Up to Fraud

To the old maxim that nothing is sure but death and taxes, insurance companies might justifiably add another category: fraud.

By Michael A. Lucarini | Updated on August 28, 2006

To the old maxim that nothing is sure but death and taxes, insurance companies might justifiably add another category: fraud. But while it is true that fraud always will be with us, insurers are making a serious mistake if they treat the problem as a predictable cost of doing business to be baked into their companies’ economic assumptions. In this respect, fraud is more like taxes than death; while undeniably inevitable, there may be more or less of it depending on what one does about it. Unfortunately, too many insurers are insufficiently focused on fighting fraud, resulting in unnecessary costs to themselves, to the industry at large, and to consumers who are forced to pay higher premiums.

World of Outlaws

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