An ever-evolving multitude of insurance scams continue to plague the industry, ultimately costing both insurers, policyholders and taxpayers hundreds of millions of dollars.
P&C insurers especially face a host of challenges in combating fraud, such as poor conviction rates and inadequate resources. Even so, through decisive action and collaboration between claims investigators and law enforcement, noteworthy gains have been realized, made evident recently by some high-profile PIP fraud stings in New York and Florida.
Further mitigating fraud and, by extension, its impact on insurers' profit margins, involves not only continuing the push for legislative intervention but also utilizing sophisticated strategies and technology, including data mining techniques.
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