Insurance Fraud on the Rise
In a new FICO survey, 31 percent of insurers said fraud accounts for as much as 20 percent of claims costs.
INN Breaking News, September 10, 2013
More than half of insurers (57 percent) expect to see an increase in fraud losses this year on personal insurance lines, according to a survey of U.S. and Canadian insurers by FICO, an analytics, credit scoring and decision making services company. One in three said when it comes to premium leakage and new applications, they are not adequately protected against fraud; 5 percent said they expect to see a decline in dollar fraud losses on personal lines.
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