"For carriers evaluating their current fraud strategies, I recommend looking for ways to merge data from multiple sources, combining fraud solutions to validate identity verification, and adopting processes to authenticate and escalate all potential security risks," said Michael Trilli, insurance practice leader for Aite-Novarica Group. (Credit: gunnar3000/Adobe Stock)
Since the onset of the pandemic, insurance carriers have seen an uptick in consumers' digital activities across both underwriting and claims. Nearly 70% of carriers said this increase in digital activity was accompanied by growth in identity fraud, according to a survey by LexisNexis Risk Solutions and Aite-Novarica Group.
The most common points of entry for identity fraud among property and casualty insurance carriers are underwriting or the point of application, customer service or at the point of account and claims at the point of payment, according to the survey.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
