History has proven that times of economic crisis see a huge increase in insurance fraud across most lines of business.
Claims fraud will typically occur anywhere there is an open opportunity, especially during economic downturns. There will be increased fraud wherever human interaction is reduced, which is quickly becoming the norm in 2020.
Some examples seen and documented include:
• An increase in staged accidents and vehicle thefts.
• Procedure billing for phantom services (including telehealth)
• Fake accidents occurring at homes.
Download this content to find out how insurers can make use of advanced analytics to stay one step ahead of fraudsters.