Blog Post - Insurance Fraud (Insurtech)

This is a blog post from a series that I wrote on intelligence for getmeins (currently known as Click-Ins), and AI-powered insurtech company.

H1 and Title: How To Win The War On Insurance Fraud

What does a terrorist look like to you? The media gives us countless images of bombers, balaclava-clad men waving black flags and wielding weapons in foreign lands, and of bands of rebels strapped with artillery. There are images in our minds now of the profile of a terrorist. Terrorism as we know it and have come to fear it has reached the shores of the United States, France, Nigeria, and countless cities across the globe. These terrorists take lives and destroy them.

But are you aware of other terrorists in our midst—terrorists who don’t don a uniform or brandish firearms, but can reek as much havoc, topple industries, dismantle lives and livelihoods, and create a ripple-effect from their heinous acts that can be felt for years to come? These terrorists are true “beasts of no nation,” they are beasts with a hunger for fraud, they prey on loopholes, depend on technology, and they attack the insurance industry while they virtually roam every land in the world.

How can the citizens of the world protect their pocketbooks and identities, their assets and their expenses without an army to fight these lurking terrorists? These terrorists can be toppled with a powerful platform that predicts insurance fraud to prevent it from ever happening.

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Main image: 

Alt image text: Insurance fraud is not only a criminal act, but an act of terrorism

Photo credit: privateinvestigatorsdetroitmi.com

H2: Guerrillas In The Mist

The definition of terrorism is "the unlawful use of force and violence against persons or property to intimidate or coerce a government, the civilian population, or any segment thereof, in furtherance of political or social objectives.” By these words, it is clear to see that insurance fraudsters are guerrillas in a war that everyday citizens are unprepared to fight themselves.

Insurance companies lose upwards $30 billion each year in insurance fraud costs; costs which get passed on to consumers who fall victim to rising rates through no fault of their own.

Some of the top methods the terrorists of the insurance industry employ are:

• Health insurance fraud - Cases involve scams for unnecessary procedures, milking Medicaid loopholes, and faking illnesses.

• Renter’s insurance fraud - Criminals file claims for damages to property that are faked or inflated.

• Vehicle insurance fraud - Premiums rise for upstanding policy holders when fraudsters claim stolen cars, traffic accidents, or car damage that they either set up or which never occurred.

Monies stolen from the acts of fraud go not only into the pockets of the greedy, but are also used to fund entities that engage in physical war and terror. It truly is a cycle of violence that assaults unsuspecting victims who are unfortunately unaware of how they are affected.

H2: A Technical Tactic That Does Not Flank Determent; It’s A Platoon Of Prevention

Fraudsters have a cache of weapons against the insurance industry, and their most effective tool is technology. To defeat them, it is not enough to fight fire with fire; an innovative solution that fights fraud using the same techniques used to combat terrorist activities is the answer.

A proven, successful answer is found in the solution that getmeins™ provides, which utilizes intelligence to predict fraud before the criminal actions can even occur. It is not enough to chase down known targets and try to deter them from harming companies and citizens. An ounce of prevention can have a positive ripple effect by inhibiting fraud before it could ever begin; thus, saving money, business and industry, and citizens’ financial bottom lines.

Preventing, not combating, insurance fraud by way of prediction is a game changer for the industry. Averting aggressors in war is a winning strategy, and the strength of getmeins™ is the combat tool insurance companies need in their arsenal.

CTA: Want to learn more? Join us at InsurTech Connect in Las Vegas in October, or follow our live updates on Twitter.