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While AI and ML tools garner interest, their adoption for fraud detection has only increased by around 5% since 2019.
The system will also handle complaints against public adjusters, claims of theft by conversion and identity theft.
According to TransUnion's quarterly fraud report, insurance was one of only two industries that saw an increase in digital fraud globally YoY.
A study by The Coalition reveals many professionals have little faith in their organizations' power to recognize and combat organized fraud.
Negative perceptions of the insurance industry are buoying claims fraud.
FRISS' annual survey found an 8% jump in the assumption of insurance claims with an element of fraud compared with the industry benchmark.
Matthew J. Smith succeeds Dennis Jay as the executive director of the organization, which combats fraud in all lines of insurance.
The insurance industry continues to see an uptick in the number of players bringing new innovations to fight fraud.
Weakening New York Regulation 79 could negatively impact fraud-fighting efforts.
Bills in several states could have a negative impact on insurance carriers and their fraud-fighting efforts.
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