For insurers facing increased organized insurance fraud, predictive modeling and text mining will be the primary anti-fraud technology investments anticipated by insurers over the next two years. A survey by the Coalition Against Insurance Fraud (CAIF) polled 74 US insurance executives earlier this year to understand how and to what extent insurers are using anti-fraud technologies.
The report, titled "The State of Insurance Fraud Technology" was sponsored by SAS, a provider of business analytics software and services
CAIF estimates that fraud costs more than $80 billion annually in the U.S., with property & casualty fraud costs likely to exceed $30 billion. Statistics from the National Insurance Crime Bureau (NICB) show a 19 percent increase in questionable claims from 2009 to 2011.
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