EFI Global

Report: Five Trends Shaping The Evolution Of Insurance Fraud

 Tuesday, September 15, 2020

 Insurance Business

“Much the same, yet completely new.” This was the subtitle of BAE System’s report into ‘Insurance fraud trends in 2020’ and an effective summary of how the fraud landscape has changed.

Discussing the report with Insurance Business, the global director for counter fraud analytics and insurance solutions at BAE Systems, Dennis Toomey outlined the five core trends shaping the evolution of fraud within the insurance sector, as identified at the Global Insurance Fraud Summit held earlier this year.

While attending the event, he said, he was pleasantly surprised by the energy and enthusiasm of the attending organisations and by their keenness to share information globally about their best practices.

A mutual concern for many within the sector has been the inconsistency of a common definition of what insurance fraud is, and the hesitancy of law enforcement agencies when it comes to detecting, deterring, and prosecuting fraudulent activity, so this kind of collaboration has proven critical.

“Fraudsters are continually evolving and adapting and we’re seeing evidence of these crime groups collaborating across borders. So, if we don’t collaborate as an industry, if we don’t figure out a way to share intelligence and share information then we’re never going to be able to keep up with them. Collaboration is extremely important right now.”