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Using smart technology to combat insurance fraud

Technology is foiling fraud attempts, but fraudsters are getting smarter.

By Hannah Smith | Updated on October 02, 2017

Insurance fraud has been an issue since the inception of insurance policies in the 18th century. It involves any act committed with the intent to obtain a fraudulent outcome from an insurance process.

Fraud can occur when a claimant tries to gain a benefit to which they are not entitled, or when an insurer knowingly denies a benefit that is due. Fraud by insurers and insureds is actionable in court. According to the Coalition Against Insurance Fraud, up to $96 billion is stolen each year through insurance fraud schemes, a number which could be much higher since no one knows how many fraud schemes are successfully executed without raising suspicion.

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