Fraud is a roughly $80 billion a year enterprise depending on which figures you use. Regardless, the cost to insurers and the general insurance paying public is substantial.
In response to these enterprising fraudsters, insurers have launched special investigation units to handle the numerous cases of suspected fraud. I had the opportunity meet some of these investigators at the recent International Association of Special Investigation Units (IASIU) Seminar and Expo on Insurance Fraud and I have a message for all the fraudsters out there – you should be looking for a new line of work.
Walter Swett, the IASIU Seminar chairman, told me that their goal was to provide a broad line-up of training so members can stay up to date with the latest trends and techniques. “We want to make their lives easier.”
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