Insurance carriers are constantly looking for better ways to fight fraud.
As technologies become more advanced, new options are appearing on the market. Telematics and usage-based insurance are generating a lot of interest, with the telematics market forecast to show a 50% compound annual growth rate by 2020.
But could fraudsters (people knowingly committing a crime) be exposing a flaw in how carriers collect data to determine fraud? What is the likelihood that fraudsters will sign up for “pay as you drive” insurance models? And, can insurance carriers afford to wait for lengthy telematics installations and data collected over a period of time to properly quote and renew policies?
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