The Coalition Against Insurance Fraud estimates the total cost of insurance fraud to be at least $80 billion per year1. And while big fraud events typically make the headlines, many instances of smaller fraud collectively have a significant impact on insurance companies.
This problem will inevitably grow in our current environment, it is more important than ever that insurance companies understand the new claims environment and invest in strategies, people, and analytics to combat fraud, waste and abuse in the industry.
- The ways fraud actors have exploited COVID-19 in the insurance industry
- How to assess whether your fraud program can meet the demands
- The ways data and technology can proactively mitigate the associated costs
- Actions insurance companies should take be more responsive
- Coalition Against Insurance Fraud (November 12, 2020)