Smart Detection of Evolving Insurance Fraud

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Fraud has become a vast and rapidly inflating feature of the insurance industry. Why this is happening isn’t hard to see. The industry is going through unparalleled transformation, with the challenges insurers are having to deal with evolving at pace. Not surprisingly, fraudsters are making the most of the weaknesses arising from this.

How bad has insurance fraud become? Worryingly so. It is widely reported that, in many parts of the world, 1 in 10 insurance claims has elements of fraudulent behavior involved. In some countries and in some lines of business, it is thought to be far higher. At the same time, identity fraud in insurance has increased by 1,600% in 2017 from 2016, according to CIFAS. Read this report and learn the challenges of insurance fraud faced by the industry and how this can be detected and eliminated.

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