Tag: fraudulent claims

Pet Insurance Fraud in the US: A Growing Problem Impacting Policyholders and Pets

G. Turner
Pet Insurance Fraud

Pet insurance, once a trusted safety net for unexpected vet bills, is now facing an unsettling challenge in the United States. Fraud within the industry is on the rise, and its implications stretch far beyond the perpetrators and insurers. With insurance fraud costing Americans $308.6 billion annually—that’s $932 for every single person in the US each year—we’re not talking about pocket change. Fraudulent pet insurance claims, in particular, are compounding industry challenges and hitting honest pet owners where it hurts most—in their wallets and their trust. From exaggerated claims to…

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How Fake Accidents Could Be Driving Up Your Uber Ride Cost

H. Cutner
Uber ride

Allegations of Staged Accidents and Unnecessary Surgeries Uber Technologies has taken a bold legal step, filing a racketeering lawsuit against a network of law firms, doctors, and pain management clinics. According to a recent article in Bloomberg, the company accuses these groups of orchestrating staged car accidents and conducting medically unnecessary surgeries to exploit New York’s no-fault insurance policies. Claims of Fraudulent Accidents and Unnecessary Medical Procedures Uber Technologies has initiated a significant legal case, suing a network of law firms, doctors, and clinics for allegedly orchestrating fake car accidents…

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State Farm Water Damage Policy Triggers Lawsuit

H. Cutner
state farm water damage policy

In recent developments, a class-action lawsuit is being prepared against State Farm Insurance, challenging the insurer’s updated and ambiguous water damage policy language. The policy’s vague terminology maybe the reason to an alarming denial rate of water damage claims among homeowners, raising significant concerns about the fairness and transparency of claim assessments. Rising Concerns Among State Farm Policyholders Homeowners across California have reported a surge in denied water damage claims since State Farm updated its homeowners’ policy in 2019. According to David Melzer, a public adjuster who advocates for homeowners,…

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Enservio Enhances Flagship Claim Management Solution with Real-time Fraud Detection

PR Article
claim management system

Claims adjusters working on the job have something unique they can add to their toolkit: A way to root out potential fraud as it happens. Enservio, Inc. today introduced a new option for its flagship ContentsExpress™ contents management solution that equips claims professionals with a fraud detection capability that identifies and scores fraudulent claim items while claim items are being recorded and processed. ContentsExpress, with this new fraud detection option, targets soft or opportunistic fraud for home contents claims relating exclusively to theft. The fraud detection technology is based on…

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Telematics Update: Free Webinar – Pinpoint the ROI of UBI in Order to Accelerate Mass Market Adoption

Guest Author
Telematics Insurance News

  Telematics Update has announced that free registration is now open for the exclusive webinar: ‘Pinpoint the ROI of UBI in Order to Accelerate Mass Market Adoption’. Telematics Update have brought together UBI experts from Progressive, Plymouth Rock and Towers Watson for a webinar to explore the financial and service benefits for insurers and consumers that UBI can yield. The free interactive event will be held on Thursday, May 9, 2013 at 11am (EST) and is open to the entire insurance community! Register here: http://www.telematicsupdate.com/insurance-telematics/webinar.php Top auto insurers Progressive, Allstate and…

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New York insurance regulators and federal authorities claim victory over insurance fraud syndicate

Marc

Auto insurance fraud has been a major problem in the state of New York. For years, regulators and lawmakers have been working to combat fraud throughout the state, but it has been a difficult challenge to overcome. This week, regulators have claimed a major victory as state and federal authorities dismantled a massive auto insurance fraud ring. Regulators are calling it the largest insurance fraud syndicate that focused almost exclusively on exploiting New York’s no-fault insurance laws. The crime ring is comprised of 36 people in total. Ten doctors and…

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The insurance company’s strategy for finding fraud

Nordstrom

Data from the Insurance Research Council has indicated that there is about $5 to $7 billion in inflated auto insurance claims made every year, though the overall cost that would occur if insurance companies in any sector did not make efforts to detect scams would be significantly higher. Every time fraudulent claims get past the insurers, the end result is that the cost will trickle down to the clients and lead to higher premiums. Therefore, insurance companies have put extensive efforts into place to help prevent scams from occurring in…

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