Brian Passell, managing partner of Razors Edge Consulting, launched the 2012 Insurance Fraud Management (IFM) Conference with a keynote address focusing on the state of antifraud efforts in the insurance industry. Passell shared some lively stories from his successful career, which includes ten years as Progressive’s claim president, as well as key strategies for battling fraud in the new economy.
Insurance customers are driving the fight against insurance fraud, said Passell, and they don’t want their premiums going up. Insurers must develop and implement strategic special investigations unit (SIU) plans to combat fraud efficiently. He stressed the need for investment and training of SIU staff and cautioned that cutting the claims and SIU workforce could prove detrimental to companies’ bottom lines.
Passell advocated a move away from introspection and toward innovation and expansion of business perspectives: Now more than ever, he said, insurers need to share and interact with industry peers — other claims and SIU investigators and the National Insurance Crime Bureau (NICB).
In looking to the future, gathering support for investigations, underwriting with an understanding of the customer, identifying systems weaknesses, and correctly using the claims process will be crucial in the fight against insurance fraud.