The National Insurance Crime Bureau (NICB) attributes$30 billion in insurance losses to property/casualty crime annually; the Coalition Against Insurance Fraud (CAIF)estimates the industry suffers a total of $80 billion in fraud each year. Medical fraud is today one of the most serious issues we facethe [fraud rings of] doctors and attorneys and staged accidents, says Robert M. Bryant, presidentof the NICB.
Even though fraud-fighting technology is not a 100 percent solution, it has given insurers a powerful weapon and the cause for some optimism. No matter how many fraud investigators a company has and how much time the company could give them, they never would be able to create the multidimensional investigative analyses possible with todays fraud-fighting technology.
As much as Ive said, Give me my five best claim reps and clone them, our system finds things they never could, says John Sargent, corporate manager of MetLife Auto & Homes Special Investigations Unit.
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