Profiting from Pandemic? Why claim fraud detection NOW is more critical than ever

Real Talk with Mark Popolizio

 

Presentation date
April 15, 2020

A widespread crisis like the current COVID-19 pandemic can create conditions in which insurance fraud proliferates.  Right now, insurers are laser-focused on creating order from chaos: setting up remote offices, sorting through business interruption claims, and attending to their own staff’s health.  With executives’ attention fixed elsewhere, fraudsters could seize the opportunity to falsify claims, orchestrate accidents, and execute other criminal schemes. Soft fraud could also see a rise, as claimants experiencing financial stress are tempted to pad claims and fake losses.  Concurrent with rising fraud risk, insurers’ own investment portfolios have taken a hit, making this one of the worst times for the industry to lose money to fraud.

In this Real Talk, we’ll discuss how to defend against fraud during this economic crisis, including:

  • Ideas for how to immediately activate an “active perimeter defense” against fraud
  • Real-time statistics from ISO including claims reporting trends and fraud scoring
  • Perspective of an SIU operations leader on how to manage rising risk
  • Historical trends in claims fraud with emphasis on the last major economic downturn

This session is ideal for:

  • SIU leadership – to discover current risks based on incoming data and historical trends
  • Investigators – to prepare for rising opportunistic and organized fraud
  • Claims leadership - to learn practical fraud defense strategies