It’s no secret that insurance fraud is a multi-billion dollar a year enterprise. The Coalition Against Insurance Fraud estimates that nearly $80 billion in fraudulent insurance claims are made across all lines annually in
the U.S., but the number is probably much higher due to unreported or
This month we look at several different aspects of fraud and the steps
insurers are taking to combat it. Pierre Khoury begins with the use of what
he terms “pocket technology” and its role in data mining the various social
media sites. Facebook, Instagram, Snapchat, Twitter, Vine and Tumblr are all
more likely to be accessed primarily by mobile users, and investigators need
to track them and their insureds using mobile technology.
Laura Toops provides an overview of the top five strategies of insurance
fraudsters, and they are getting extremely creative. They monitor global
trends, take advantage of the vulnerable and use technology to “document”
their losses. You won’t want to miss her article.
Accident reconstructionists are providing insurers with another way
to fight fraud ranging from staged collisions to insureds who choose to
“enhance” the amount of damage to their vehicle. A trained reconstructionist
can help separate the legitimate claims from those requiring a closer look.
On a completely different topic, John Sarich looks at the Internet of Things
— another new method of tracking people, information and “things.” From
GPS devices that track everything from your car’s location, whether or not it’s
been in an accident or just needs air in the tires, to smart homes that monitor
for break-ins, fires and water damage, smart technology is permeating every
aspect of our lives.
Speaking of technology, Summit will be sponsoring a new event —
ACETech — on November 18 at the Westin Times Square in New York City.
ACETech is a technology-focused event that will examine everything from
data security in the digital age to incorporating new technologies into project
management. More information is available at ACEtechshow.com and it will
definitely be the place to see the latest technology for the insurance industry.
I hope to see you there!
Patricia L. Harman