You are losing $1,000 a year due to insurance fraud

Let`s face it -?prevention?is better than?cure.

We all pay for insurance fraud.

Here are just some of the ways in which the cost of insurance fraud affects innocent people:

-Insurance investment schemes can strip individuals, particularly the elderly, of their hard-earned savings.?

-Fraudulent medical practices put people's lives at risk as doctors and healthcare professionals perform unnecessary procedures to inflate claims.?

-Policyholders bear the burden of fraud through higher premiums as insurance companies pass on the cost.

-Consumer goods prices may soar as businesses pass on the increased cost of their health and commercial insurance to customers.?

-Fraudulent activity results in businesses losing a significant portion of their income annually due to the rise in costs for employee health coverage and business insurance.

The staggering amount of known fraudulent claims, totaling over $400 billion, is just the tip of the iceberg when considering the unreported fraud. The impact of these fraudulent claims on all of us is undeniable, and it's clear that we all bear the cost of this criminal activity.

Insurance companies must remain vigilant in detecting and preventing fraud by implementing efficient and effective processes and utilizing the latest technology. Having a tool that can quickly test and identify fraudsters through fraudulent claims can greatly benefit the company by streamlining the claims process, satisfying customers, and deterring potential fraudsters with the company's ability to detect even the most complex fraud schemes.

In the end, by preventing fraud, everyone saves money!