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Insurance fraud remains a costly issue for the insurance industry

September 3, 2014September 1, 2014 S.Vagus

insurance industry fraud business mobile

Fraud continues to be a thorn in the side of the insurance industry Fraud remains one of the most costly issues that faces the insurance industry today. Insurers combat fraud in many ways, but are unable to stamp out its existence entirely. While fraud has a significant impact on the financial stability of the insurance industry every year, few consumers understand how fraud affects them. Many people believe that insurance fraud is only a problem that insurance companies have to deal with, but they may be losing money alongside their…

Insurance fraud reaches record heights

June 3, 2014May 31, 2014 Julie Campbell

According to the ABI, in the United Kingdom, fake claims last year topped £1.3 billion. The Association of British Insurers (ABI) has now revealed its latest figures regarding insurance fraud, which have shown that last year bogus claims exceeded £1.3 billion, breaking records from previous years. The vast majority of that total amount came from false or exaggerated claims made on auto policies. The ABI also pointed out that insurance fraud throughout the industry – not just in the auto sector – has been on the rise at a startling…

Insurance fraud remains a costly issue for the insurance industry

May 26, 2014May 24, 2014 Logan B.

Big data may help root out insurance fraud

April 4, 2014April 12, 2014 Logan B.

Insurance companies are turning to big data in order to fight fraud Insurance fraud has been a problem that has plagued the insurance industry for years. As technology becomes more advanced, however, combating fraud may be becoming easier for insurers. Big data may serve as a powerful tool against fraudulent activity and could be used to help insurers determine whether a claim is real of fake. Insurers are beginning to use this data to identify behavioral patterns concerning claims in particular sectors. Big data can help highlight behavioral patterns that…

Insurance fraud on the rise in US and Canada

September 13, 2013September 10, 2013 Logan B.

Survey shows companies are concerned with growing prevalence of insurance fraud The results of a new survey have been released by FICO, an analytics firm, concerning the prevalence of insurance fraud in the U.S. and Canada. The survey suggests that insurance companies are expecting to see higher losses from fraud on personal insurance lines. Insurance fraud appears to be growing more common in both countries despite aggressive regulations being adopted that are meant to mitigate the impact of such practices. Insurers expect to see higher losses from fraud this year…

Insurance fraud charges laid against ex-NFLer

August 5, 2013August 3, 2013 H. Cutner

Byron Frisch is now one of a group of four people who have been charged with this multimillion dollar scam. When four people were charged with having orchestrated a massive, $50 million insurance scam, it wasn’t long before it was revealed that former NFLer Byron Frisch was among them. The charges allege that the ex defensive lineman and his colleagues had been involved in an extensive wire and mail scam. Byron Frisch was a defensive lineman and he and his alleged partners in this scam have been charged with conspiracy…

Insurance fraud lawsuit filed by Allstate

June 25, 2013June 22, 2013 H. Cutner

The insurer has filed a lawsuit worth $6.6 million against 47 durable medical supply companies and their owners. Allstate has just filed a new insurance fraud lawsuit in order to help to recover $6.6 million in treble damages against 80 defendants throughout the states of New York and Florida. The insurer is not new to this type of filing, as it is the fourth that it has made since the start of the year. The insurance fraud lawsuit filing was also the 48th that Allstate has made since 2003, in…