According to the Coalition Against Insurance Fraud (CAIF), insurance fraud steals an estimated $80 billion a year across all lines of insurance. In addition, fraud accounts for 5% to 10% of claims costs for U.S. and Canadian insurers.
Along with my job as Claims Manager at Golden Bear Insurance Company, I am our Special Investigation Unit Assistant Coordinator. It's my responsibility to ensure my colleagues and I are well equipped to identify and report suspected insurance fraud to protect our insured customers.
Under California's Code of Regulations Insurance Fraud Prevention Unit, insurance organizations have a duty to establish a special investigation unit, train employees in fraud detection, detect red flag indicators of fraud and report suspected insurance fraud to the California Department of Insurance.
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