Insurance fraud has been estimated by some to be as large as an $80-billion-per-year problem. See, e.g., Coalition Against Insurance Fraud, “By the numbers: fraud statistics.”1 To fight insurance fraud, insurance companies, working hand-in-hand with their lawyers, have begun to adopt new kinds of technology. These tools—ranging from social media to data analytics—are being used by insurance companies to help stop fraudulent policies from being issued or renewed based on false representations of fact and to block false, inflated, or otherwise fraudulent claims from being paid.
A substantial portion of insurance companies now are including anti-fraud technology in their anti-fraud programs. Indeed, the Coalition Against Insurance Fraud recently surveyed insurance companies and found that nearly 75 percent have fully integrated technology into their anti-fraud systems—up from about 50 percent four years ago. See, “The State of Insurance Fraud Technology.”2
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