A new benchmarking study is underway to help property and casualty insurers see how their anti-fraud operations compare to others in the industry. The 2015 SIU Benchmarking study is being conducted by the Coalition Against Insurance Fraud and the Ward Group.
The study will examine practices for fraud measurement, budgeting, quality assurance, performance management, training and legal issues. Companies that participate in the study will receive a confidential, individualized report comparing their operations to insurers of similar sizes and business lines.
“Despite their many successes against fraud criminals, SIUs still need more data to help roadmap their operations against objective benchmarks involving similar insurers,” explained Dennis Jay, the Coalition’s executive director. “Wider benchmarking data is a key pathway to enhancing overall SIU performance.”
An inaugural study conducted in 2013 provided managers with valuable information for assessing their operations and determining how they compared to other operations in the industry.
The deadline to respond to the study is November 15. Insurers who participate will receive their customized reports in mid-December. The cost for the customized report is $600, but Coalition members receive a $200 discount.
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