Whether it's the money or the thrill of pulling a fast one (it's probably the money), insurance continues to attract fraudsters of all stripes, from construction workers to industry professionals gone astray. Those committing the acts might assume it's a victimless crime, but every policyholder bears the burden, according to the Coalition Against Insurance Fraud. In fact, insurance fraud is one of America's largest crimes, totaling more than $80 billion stolen annually. When it comes to combating insurance fraud, technology is the best bet, according to the Insurance Information Institute (Triple-I). The institute noted traditional methods such as automated red flags and business rules are being enhanced with predictive modeling and link analysis, which looks at the relationship between items such as people, places and events. Additionally, artificial intelligence can be used to uncover fraud before cutting settlement checks, according to Triple-I. In addition to improving fraud detection programs, technology can also enhance efficiency and customer satisfaction by settling legitimate claims faster, while focusing more attention on those that raise red flags. The above slideshow highlights just some of the cases of insurance fraud that were foiled this month. Related:
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