The FBI estimates that insurance fraud costs American families between $400 and $700 per year through premium inflation. Clearly, the highly competitive landscape presents a challenge to insurers to mitigate fraud’s impact on competitive pricing and affordability to policyholders. With fraud occurring at all stages of the claims process, where to focus your resources can be daunting. In their new whitepaper, GIACT offers insights into the payment process – where fraud exists in both paper and paperless disbursements.
In it’s whitepaper, GIACT offers 4 key components of a well re-engineered payment process and highlights the resulting benefits. This week’s feature on Research & Trends, The 4 Keys To Optimizing Your Claims Paying Process, is an efficient read for a clear understanding of new developments in fraud prevention within the digital payment process.