Fraud is roughly an $80 billion a year enterprise depending on which figures you use, and it's an issue insurers take seriously. I met some fraud investigators at the recent International Association of Special Investigation Units (IASIU) Seminar and Expo on Insurance Fraud and I have a message for fraudsters — you should be looking for a new line of work.
The education sessions taught investigators what to look for, where to look for fraudsters, and how to conduct a thorough investigation. Exhibitors showcased some of the new technology available to aid in the fraud fight, and their tools included technology for using social media in investigations, voice print recordings and too many new technologies to list here. The education sessions centered on questionable wildfire claims, medical fraud, investigating fraud rings and auto fires to name a few. They even set several cars on fire and showed investigators what to look for afterwards. Judging by how full the rooms were, investigators are anxious to learn how they can put a dent in fraudulent claims.
This issue of the magazine doesn't address fraud, but we do look at other important topics like the multi-generational workforce and what that means for insurers. Each generation has their own work style and goals, and what works for one won't necessarily inspire another. Make sure to check out our cover story by Michael Boyes.
Healthcare and medical facilities have unique coverage needs, and Amanda Duncan highlights come of those in her article. Salvage is another important topic for insurers — what is it, what can be sold for salvage and how do you find a vendor who can handle the items you need to sell? Gary Mazeffa addresses all of these questions and more.
Implementing advanced analytics in any company is fraught with challenges, and those experienced by large companies will differ from what smaller firms will encounter. Kevin Bingham and his colleagues provide a roadmap of sorts for a successful implementation.
Don't forget to check us out on PropertyCasualty360.com. We just launched a newly redesigned website that's easy to navigate and is filled with news covering every aspect of insurance. Sign up for our daily or weekly e-newsletters and stay abreast of what's happening in the industry.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.