It's no secret that insurance fraud is a multi-billion dollar a year enterprise. The Coalition Against Insurance Fraud estimates that nearly $80 billion in fraudulent insurance claims are made across all lines annually in the U.S., but the number is probably much higher due to unreported or undetected claims.
This month we look at several different aspects of fraud and the steps insurers are taking to combat it. Pierre Khoury begins with the use of what he terms "pocket technology" and its role in data mining the various social media sites. Facebook, Instagram, Snapchat, Twitter, Vine and Tumblr are all more likely to be accessed primarily by mobile users, and investigators need to track them and their insureds using mobile technology.
Laura Toops provides an overview of the top five strategies of insurance fraudsters, and they are getting extremely creative. They monitor global trends, take advantage of the vulnerable and use technology to "document" their losses. You won't want to miss her article.
Accident reconstructionists are providing insurers with another way to fight fraud ranging from staged collisions to insureds who choose to "enhance" the amount of damage to their vehicle. A trained reconstructionist can help separate the legitimate claims from those requiring a closer look.
On a completely different topic, John Sarich looks at the Internet of Things — another new method of tracking people, information and "things." From GPS devices that track everything from your car's location, whether or not it's been in an accident or just needs air in the tires, to smart homes that monitor for break-ins, fires and water damage, smart technology is permeating every aspect of our lives.
Speaking of technology, Summit will be sponsoring a new event — ACETech — on November 18 at the Westin Times Square in New York City. ACETech is a technology-focused event that will examine everything from data security in the digital age to incorporating new technologies into project management. More information is available at ACEtechshow.com and it will definitely be the place to see the latest technology for the insurance industry. I hope to see you there!
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
