Insurance fraud prevention takes a village
In this episode of Insurance Speak, Tracey Thompson, Deputy Executive Director of the Coalition Against Insurance Fraud, discusses strategies for identifying and preventing fraud.
Insurance fraud occurs in about 10% of insurance claims and costs the United States around $308.6 billion each year, according to the latest data from the Coalition Against Insurance Fraud. Tactics of these fraudsters are varied, and insurance scams can involve anything from contractors, to auto repair, to workers’ compensation fraud, and it’s imperative insureds and insurers alike know what to look out for in order to avoid falling victim to a scheme.
Tracy Thompson, deputy executive director of the Coalition Against Insurance Fraud, offered her expertise in a keynote address at the recent Complex Claims and Litigation Forum in Las Vegas. In this episode of Insurance Speak – recorded live at the forum – she recaps some of the high points of her address and offers advice for insurers and communities for keeping fraud at bay.
Thompson has over three decades of experience in criminal justice, formerly serving as an Assistant Prosecutor in the Mercer County Prosecutor’s Office, then as a Deputy Attorney General and Assistant Attorney General in the Division of Criminal Justice (DCJ) in the New Jersey Attorney General’s Office. She recently retired from her position as the New Jersey Insurance Fraud Prosecutor, where she supervised a team that investigated and prosecuted all types of insurance fraud.
To hear from Tracy Thompson about strategies for identifying and preventing fraud, listen to the podcast above or subscribe to Insurance Speak on Spotify, Apple Music or Libsyn.