Insurance fraud is bigger than ever, and scammers are coming up with new wrinkles all the time. As the guys on the front lines, insurance agents are in a unique position to spot insurance fraud as it's happening and play a powerful role in stopping it before it starts.
Conservative guesses put the cost of fraud across all lines at $80 billion a year, said Jim Quiggle of the Coalition Against Insurance Fraud (CAIF). The Aite Group estimates it at about $70 billion for property-casualty fraud alone, with 10 percent of every claims dollar goes to fraud.
And instances of fraud are on the rise: The National Insurance Crime Bureau (NICB) conducts numerous studies on insurance fraud and reports a 27 percent increase in the submission of questionable claims by NICB member insurance companies since 2010.
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