Getting Technological: Like Other Business Processes, Fraud Investigation Tactics Must Evolve With Technology

 Tuesday, February 19, 2019

 CLM Magazine

There was a day when we used typewriters to type documents, stored our records in filing cabinets, and took photos with our 35mm cameras. Those processes evolved as technology advanced at an exponential rate. Insurance companies—which had previously been slow to adopt new methods—had to adapt quickly to remain competitive. As we create efficiencies in how people purchase insurance—and how we process claims—how do we balance that with fraud fighting efforts? The Coalition Against Insurance Fraud estimates the total annual cost of fraud in the U.S. exceeds $80 billion. Property and casualty fraud costs likely exceed $30 billion, so its impact cannot be dismissed.
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