Insurance companies are now investing heavily into their web sites, operational systems and processes to retain and grow their customer base. However, little time and resources have been allocated to insurance fraud.
A recent survey suggests that insurance fraud has increased by 25 per cent in the last five years. Added to this, the FBI estimate that fraud costs US insurers as much as $40 billion per year.
This white paper explores the evolving threat of insurance fraud and discusses how organisations can use fraud analytics to help safeguard themselves. The paper further examines the rise of the arm chair fraudster.