FRISS Releases Findings From Insurance Industry Survey About Fraud & Emerging Threats

The insurance industry is changing rapidly, and with change comes new risks and potential opportunities for fraud. The FRISS study analyzes the dynamics of insurance fraud on a global scale while providing valuable insights to stakeholders and decision-makers.

The study looks at the latest technologies and tools used by insurance professionals to help detect and prevent fraud across the insurance landscape, including software platforms and data analytics to help identify fraud earlier in the process. Regional variations in fraud patterns and defenses are highlighted, showing the diversity of ways insurance professionals view fraud and their role in fighting fraud.

 Key Findings:

• 30% of respondents do not have a fraud detection and prevention platform in place.
• The biggest challenge respondents face in responding effectively to fraud is internal data quality, faced by 61% of respondents, followed closely by access to external data (53%).
• Another 40% of respondents noted data privacy and protection was a challenge in the fight against fraud.
• The most common — and the most unique — fraud scenarios are listed, including the more mundane claim exaggerations and misrepresentations to the more esoteric attempted murders, amputations, severed body parts, false identities, and more.

 In his introduction to the report, Shane Riedman, VP and General Manager, Anti-Fraud Analytics at Verisk says: “Insurers are deploying new methods to detect and prevent fraud while still using many traditional investigative measures. But impressions on fraud detection are changing as technology keeps pace and new tools and solutions are introduced. Changing risks means insurers must change, as well. Solutions that can drive results when it comes to predicting and preventing fraud are crucial.”

“We are proud that insurance professionals across the globe again added their input to our survey. In return, the 5th edition of this report is showing the views and proactive efforts being taken around the world to detect and prevent fraud”, says Ruud van Gerwen, Head of Global Marketing at FRISS when commenting on the study. “We’re always committed to learning more about global trends and regional attitudes. Through a better understanding of the complexities of fraud in the insurance industry, we can better empower insurers with the insights and tools they need to continue combating fraud while protecting their trustworthy policyholders and society.”