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It costs businesses nearly $32 billion every year. Insurance fraud is not a victimless crime. Businesses are often left paying the price for years. Watch below as Senior SIU Specialist Bill Byington explains the 4 components that make up fraud, and how can affect your business. Check out our full #expertinsights post here: https://lnkd.in/gd_bP_wH

The countdown has begun! We are just TWO WEEKS AWAY from the most anticipated insurance Fraud event in the country, the Insurance Crime Bureau 2024 Annual Conference. With the theme "Breaking Barriers & Building Bridges For The Future", this is your chance to be part of the discussions that promise to redefine the future and security of our industry. #conference #networking #cpd #education #makingadifference

The Insurance Information Institute (III) defines insurance fraud as a “deliberate deception perpetrated against or by an insurance company or an agent for the purpose of financial gain.” Such illegal acts may be committed by applicants, policyholders, third-party claimants, and even the insurance brokers and providers themselves. Take a look at the most common types of insurance fraud. https://bit.ly/3tEDVfC

David Glawe, President & CEO, NICB, joins the show to share how the criminals behind insurance fraud have evolved and professionalized their ways, and how the approaches to combating them have changed, too. The scale of insurance fraud is massive, and far worse than most of us in the industry appreciate. The NICB is the nexus of law enforcement, carrier and other service provider information and insight to help us protect the entire industry from the effects of fraud, even as the perpetrators professionalize and coordinate their efforts. Hear more from Dave in Season 5 Episode 5 of The Future of Insurance at https://lnkd.in/evc3xb95 #insurtech #insurance #futureofinsurance #innovation

Protect your business with Employee Dishonesty Insurance. Safeguard against theft and fraud. #BusinessProtection #EmployeeDishonestyInsurance #IndiaLosses #insurancebroker #insuranceprofessionals #renewinsurance #insuranceagency #insuranceclaimspecialist #insurancebrokerage #sejalinsurance

Commercial insurance can also cover employee dishonesty, protecting your business from internal theft and fraud. #CommercialInsurance #ProtectYourBusiness

Did you know? According to studies by the Coalition Against Insurance Fraud, fraudulent insurance claims cost American consumers over $300 billion every year. This applies to the entire insurance industry, includes claims relating to auto accidents, workers’ compensation, property-casualty incidents, healthcare, and more! To put that in perspective: -      If you lived 300 billion minutes, you would live to be 570,776 years old -      If you saved $10,000 every day, it would take 82,192 years to save $300 billion -      Traveling 300 billion miles would take you around the world 12 million times or to the moon and back about 628,000 times #funfactfriday #didyouknow #insurance #fraud #fraudprevention

Check out Sarah Durkin's article in Insurance Post where she explains how the growing number of policyholders in financial difficulty is resulting in exaggerating claims. Our Head of Counter Fraud says fraudulent claims add £50 every year to the total cost of household insurance. https://lnkd.in/eKEXmRKJ #fraud #insurance #homeinsurance 

Internal company theft and fraud continue to be costly problems for businesses. Offenders use their inside knowledge to avoid detection or to bypass certain controls. Avalon has you covered! Contact us for more information on Crime Insurance: https://hubs.la/Q022V1Kw0 #avalonriskmanagement #crimeinsurance

What do your neighbors think about insurance fraud? Verisk and the Coalition Against Insurance Fraud recently undertook an in-depth examination of public perceptions and attitudes concerning insurance fraud. The results uncovered reassuring and concerning insights into the beliefs of the insured: https://vrsk.co/3KHe9iW. #Insurance #Claims #AntiFraud