An inflated value for stolen property. A body shop estimate that happens to include pre-existing damage. Medical charges for nonexistent conditions. It’s all small potatoes, a victimless crime, fair compensation for spiraling premiums and deductibles, right?
That attitude seems to prevail among business and consumers these days. According to an Accenture survey 30 percent of claimants aged 18 to 34 admitted overstating their losses when they last submitted a claim. Add to this the significant increase in organized claims fraud – staged and induced accidents, organized use of accident management companies and crooked doctors, to name just a few examples – and we’re now well outside the realm of small potatoes.
With all this happening is obvious why insurance fraud is a hot topic and to help solve this issue the industry’s finest Special Investigation Unit members are getting together at the annual IASIU conference from September 8th to 11th in the heat of Phoenix. At this event they will discuss best practices for detecting, investigating and deterring insurance fraud, especially technologies like artificial intelligence.
If you are attending the conference and wish to learn more about how Shift Technology is transforming the insurance industry please stop by Booth 320. One of insurance experts will be able to demonstrate Force, our AI-native fraud detection solution.