How big a problem is insurance fraud?
I don’t mean accidental non-disclosure, and I don’t mean accidental declines. Mistakes happen. What I am worried about is real fraud.
The simple fact is – we don’t know how much fraud is tried. Insurers and fraudsters share a fact – that it is in the interest of neither to reveal attempted fraud. Being too specific about dodgy claims can sometimes inspire others, or reveal too much about fraud detection processes.
So we do not have great data about frauds. It is much easier to pretend that it isn’t...MORE»
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