What’s new in the fight against insurance fraud?

So how is the advance of technology aiding in fraud detection today? (Photo: Shutterstock)

Insurance fraud has been around since, well, the beginning of insurance.

The ancient Greeks created a form of maritime insurance to indemnify against potential losses incurred with the sinking of a commercial ship in transit. It became a common scheme for the boat owner to hide the boat in a foreign port and collect the insurance money. Even in those early times, special investigators were hired to determine if the boat had indeed sunk. Fast-forward to the present, and for the last few decades, the industry has been using increasingly sophisticated technology to address fraud.