Whether it's the money or the thrill of pulling a fast one (it's probably the money), insurance continues to attract fraudsters of all stripes, from construction workers to industry professionals gone astray.

Those committing the acts might assume it's a victimless crime, but every policyholder bears the burden, according to the Coalition Against Insurance Fraud. In fact, insurance fraud is one of America's largest crimes, totaling more than $80 billion stolen annually.

When it comes to combating insurance fraud, technology is the best bet, according to the Insurance Information Institute (Triple-I). The institute noted traditional methods such as automated red flags and business rules are being enhanced with predictive modeling and link analysis, which looks at the relationship between items such as people, places and events.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]

Investigative & Forensics
Technology Implementation
Commercial Lines
Personal Lines
Workers' Comp