Reducing Claims Fraud
A cross-industry issue
Claims fraud is not just a major issue for insurance companies. Many types of claims are often submitted to a broad range of businesses and governmental entities for payment, including claims related to benefits, employment, environmental issues, product liability and warranties, among many other areas.
Some leading insurance companies have implemented innovative and creative approaches to mitigate fraud risks and reduce fraud-related costs. While there is still much room for improvement, studying what such companies are doing offers insights that can be applied in other industries. Businesses as well as government entities can learn through this example that adopting breakthrough strategies and an integrated approach to claims fraud management offers the opportunity to make demonstrable progress in combatting the rising tide of claims fraud.
This article explores insights from the insurance sector that may help other organizations to control claims fraud costs, including fresh and original claims fraud management strategies at leading companies, and details the components and benefits of a broad and integrated claims fraud management framework.
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