Insurance fraud prevention efforts are underway in Oklahoma

California Insurance company Fraud scam

The state and the NICB are working together to stop false claims as filings are received following tornadoes. The National Insurance Crime Bureau (NICB) and the Oklahoma Insurance Department (OID) are working together in an effort to combat insurance fraud by educating residents at a time when approximately 23,000 claims have already been filed in the state in the wake of a stream of catastrophic tornadoes and other severe weather events in May 2013. The storms – which primarily occurred on May 19 and 20 – have generated auto and…

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Insurance news from Oklahoma has state Insurance Department buying guns

Insurance News Dodge Charger Car Police

The state Insurance Department is spending $180,000 on guns and police vehicles for anti-fraud efforts. The latest insurance news from Oklahoma has revealed that the state’s insurance officials have spent over $180,000 on bulletproof vests, high-tech shotguns, and seven police package vehicles which the Insurance Department claims are necessary for the expansion of its anti-fraud crackdown. The department’s effort to fight criminal fraud has drawn the attention of the entire country. Questions and concerns are being directed at the department, as some lawmakers wonder why it would require the nine…

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FICO unveils new insurance technology solution to fight multi-billion dollar insurance fraud problem

Insurance Technology investments

A new FICO insurance technology solution marries link analysis, business rules, and predictive analytics. FICO has introduced a new form of insurance technology that is designed to help to cut back on the $50 billion problem from fraudulent claims. The product is designed to assist insurers to overcome the increasing claims fraud issue that is costing billions of dollars every year, which is therefore causing rates to rise in order to compensate for the additional losses. This new insurance technology product is called the FICO Claims Fraud Solution. It brings…

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