Reduce Insurance Fraud with Online Investigations

Insurance is a necessary safeguard against disaster. It gives you the financial protection that you need so that you can pick up the pieces after a disaster. However, wherever there’s money involved, there’s always the risk of insurance fraud. While some may think that it’s a victimless crime, it raises the average family’s premiums by as much as $700 per year. Learn what you need to know about insurance fraud so that you can protect your agency.

Insurance Fraud is Expensive:

While insurance companies collect nearly 1 trillion dollars per year, insurance fraud costs approximately $80 billion per year. The deficit is then passed on to honest consumers via premium increases.

Common Types of Insurance Fraud:

Liability Insurance – When it comes to liability, claims are common. From property damage to bodily injury, there are many ways that you’re susceptible to fraud. Be wary of fake injuries and exaggerated damages.

Workers’ Compensation – This sort of insurance is supposed to keep employees safe from workplace injuries, but sometimes it can be abused. In fact, nearly half of workers’ compensation claims are fraudulent. Be mindful of such claims and look out for suspicious claims.

Health Insurance – It’s common for people to steal another’s identity to make fraudulent health insurance claims. It jeopardizes the victim’s health insurance and can take years to correct.

How to Combat Insurance Fraud:

Perhaps the best way to fight insurance fraud is by conducting some research. Social media is a powerful tool when it comes to uncovering information. You may notice that someone who claimed a serious injury after a car accident is taking salsa lessons or that someone who has claimed extreme damage to their home after a disaster is redecorating. Use social media as a tool to help uncover insurance fraud.

Put the security of your agency first. Get the tools that you need to keep insurance fraud from harming your insurance agency. Monitor social media for signs of fraud using a people search engine. Contact the professionals at Skopenow to help you get the digital information that you need.