Insurance fraud is the intentional submission of an insurance claim in which the claimant exaggerates or falsifies loss, whether physical or monetary, for their financial gain. While there is little doubt that insurance fraud costs insurance providers millions in claims that are paid out annually, customers also bear the burden with continually rising premiums.
Many insurance companies across North America have increased their spending on investigating fraudulent claims, with much of the burden falling on insurance investigators and case managers. In 2017, the Insurance Corporation of British Columbia (ICBC) investigated over 16,000 claims, of which more than half were found to be fraudulent. A recent survey conducted by ICBC found that 10-20% of claim costs stem from fraud.
Investigating Insurance Fraud Online will enable investigators, case managers, and other fraud-prevention and insurance professionals to effectively use the internet as an investigative tool for locating case-specific information, both quickly and efficiently, reducing the time and resources expended on everyday investigations.
