The insurance company’s strategy for finding fraud

Data from the Insurance Research Council has indicated that there is about $5 to $7 billion in inflated auto insurance claims made every year, though the overall cost that would occur if insurance companies in any sector did not make efforts to detect scams would be significantly higher. Every time fraudulent claims get past the insurers, the end result is that the cost will trickle down to the clients and lead to higher premiums. Therefore, insurance companies have put extensive efforts into place to help prevent scams from occurring in…

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