Fraud is roughly an $80 billion a year enterprise depending on which figures you use, and it’s an issue insurers take seriously. I met some fraud investigators at the recent International Association of Special
Investigation Units (IASIU) Seminar and Expo on Insurance Fraud and I have a
message for fraudsters — you should be looking for a new line of work.
The education sessions taught investigators what to look for, where to
look for fraudsters, and how to conduct a thorough investigation. Exhibitors
showcased some of the new technology available to aid in the fraud fight, and
their tools included technology for using social media in investigations, voice
print recordings and too many new technologies to list here. The education
sessions centered on questionable wildfire claims, medical fraud, investigating
fraud rings and auto fires to name a few. They even set several cars on fire
and showed investigators what to look for afterwards. Judging by how full
the rooms were, investigators are anxious to learn how they can put a dent in
This issue of the magazine doesn’t address fraud, but we do look at other
important topics like the multi-generational workforce and what that means
for insurers. Each generation has their own work style and goals, and what
works for one won’t necessarily inspire another. Make sure to check out our
cover story by Michael Boyes.
Healthcare and medical facilities have unique coverage needs, and Amanda
Duncan highlights come of those in her article. Salvage is another important
topic for insurers — what is it, what can be sold for salvage and how do
you find a vendor who can handle the items you need to sell? Gary Mazeffa
addresses all of these questions and more.
Implementing advanced analytics in any company is fraught with
challenges, and those experienced by large companies will differ from what
smaller firms will encounter. Kevin Bingham and his colleagues provide a
roadmap of sorts for a successful implementation.
Don’t forget to check us out on PropertyCasualty360.com. We just
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e-newsletters and stay abreast of what’s happening in the industry.
Patricia L. Harman