Filed Under:, Investigative

Insurance Scammers Featured on ABC News

MMA Fighter, Prison Guard Cases Emphasize Billion-Dollar Problem

video platformvideo managementvideo solutionsvideo player

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.

Another part of the fraud-fighting equation is addressing the public's general lack of empathy and information about this burgeoning epidemic. Organizations such as the Coalition Against Insurance Fraud (CAIF) and the National Insurance Crime Bureau (NICB) have organized campaigns and outlets to spread public awareness. However, the absence of a cohesive PR strategy by the industry, coupled with scant media coverage, will continue to hinder overall efforts if not addressed.

Well, as in life, we must celebrate the victories, both small and large. Some familiar schemes and perpetrators command starring roles in this recent ABC News report, which emphasizes the impact of workers' compensation fraud on taxpayers.

Featured Video

Most Recent Videos

Video Library ››

Top Story

7 things the insurance industry needs to know about the looming talent gap

How will the insurance industry meet the challenge of losing up to a quarter of its workforce in the next 3-5 years?

Top Story

5 questions agents must ask when writing winery and vineyard insurance

Visiting a vineyard can be a relaxing way to spend a Saturday, but the process of wine-making exposes winery and vineyard owners to a range of risks, from vine to table.

More Resources

Comments

eNewsletter Sign Up

Claims Connection eNewsletter

Breaking news on disasters, fraud, legal trends, technology, and CE initiatives for the P&C claim professional – FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.