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Since the onset of the pandemic, insurers have seen a 75% increase in workload, while instances of suspected and proven fraud are also up. (Photo: Shutterstock) Since the onset of the pandemic, insurers have seen a 75% increase in workload, while instances of suspected and proven fraud are also up. (Photo: Shutterstock)

As with most troubling developments, the pandemic has accelerated insurance fraud trends as pressures from economic uncertainty moves individuals and businesses to act less than ethical at a time when carriers are facing a slew of challenges from COVID-19.

Although 10% is the industry standard assumption for the number of claims that have an element of fraud, this year responses averaged 18%, according to fraud detection and risk assessment software provider FRISS Fraudebestrijding B.V.’s 2020 Insurance Fraud Report survey.

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Steve Hallo

Steve Hallo is an assistant editor with PC360 Group. Prior to his current position, Steve spent nearly a decade covering retail transformation, consumer trends, manufacturing issues and supply chain challenges impacting global CPG markets. He can be reached at [email protected], and on LinkedIn and Twitter.  

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