How frequent are the insurance frauds?

Frauds in the insurance industry are quite common worldwide, being a crime that can be committed by anyone regardless of their social class, cultural, educational or economic level and it is extremely difficult for many insurers to protect themselves against this problem.

Only at the United States, there is a loss caused by fraud of at least 80 billion dollars, despite being a country that has numerous technological advances and sufficient training to reduce the impact of this crime.

Unfortunately, there are many behaviors classified as fraud that seem to be socially accepted, which results in many people and companies engaging in these practices, finally increasing the percentage of crime at the national and international level.

We should create awareness and allow sanctions.

If the population is not aware that the fraud is being committed against their insurance company or does not see this activity as something that affects them, it is extremely difficult for the sector to be able to reduce the cases of related crimes and also that the appropriate ones are applied sanctions. Which practices are common and are not viewed negatively?

  • Providing false or incomplete information to the insurer when purchasing insurance.
  • Lying about the damages and/or consequences of a claim.
  • File a claim for loss, which would be accompanied by false circumstances or low credibility.
  • Cause a claim in order to take financial advantage of the insurance company.
  • Include in the claim report, losses or damages that had occurred before due to other events and that also have no relation to the current event.

We can conclude that although insurers are investing more and more in anti-fraud technologies, awareness campaigns and tools to reduce this type of crime, it is still a struggle that has a long way to go before we can see a noticeable advance.

We must take into account that the advancement of technology offers benefits and disadvantages because this also gives way to new ways of carrying out scams, but the important thing is that traditional insurance companies can take the step to digitization and thus welcome it technology that allows a solution to fraud.

At LISA we employ automated operations and state-of-the-art technology, which guarantees the filtering of suspicious behavior and alerts that could lead to painful fraud in the insurance industries. You want to know more? Contact us by clicking here.

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