The State Of Insurance Fraud And Mitigation Best Practices

Fraud is a significant cost for insurers and is growing rapidly. The current macroeconomic environment, COVID-19’s long tail, digital transformation, and the insurance industry’s ambitious straight-through processing (STP) goals are exacerbating fraud challenges for insurers. Insurance fraud eats into the profitability of carriers and results in steep premium increases for legitimate customers. In this report, we look at the most common types of insurance fraud and provide tangible guidance to insurers on how to manage and reduce fraud through collaboration with people, processes, and technology.