It’s no secret that fraudulent claims are an ongoing issue within the insurance industry. The FBI estimates the total cost of insurance fraud (non-health insurance) to be $40 billion per year. For insurance carriers, investigating these claims can make a complex situation even more challenging.
However, in the age of data, a vast amount of information is at the public’s fingertips. A quick Google search can turn up a host of profiles for individuals, professionals and businesses, providing valuable background details and insights. Insurance carriers can leverage this information and open-source data—data that is publicly available—to enhance what they’ve learned from case files. They can unlock a wealth of intelligence to improve claims management and combat fraud.