What is insurance fraud? It is when a person knowingly commits an act to defraud an insurance agency or business. Some well-known examples are what you famously see on television…. someone faked their death or burned their property to get thousands of dollars from insurance claims.
Insurance Fraud By The Numbers
- Claims steal $80 billion annually from insurance businesses.
- 13% of business owners are concerned employees could commit workers’ compensation fraud.
- 425 healthcare offenders were sentenced in 2018.
- 1 out of 10 Americans provide false information or omit data when buying auto insurance.
Stats coming from Fortunly
Places Fraud Could Happen
- Life Insurance
- Health Insurance
- Automotive Insurance
- Workers’ Compensation
- Catastrophe Insurance (such as hurricanes, earthquakes, etc.)
How Can You Stop Insurance Fraud?
Fraud is a problem many insurance agencies and businesses face. The important thing is keep a close eye on all claims that are filed and seek outside help when a situation occurs. If a claim seems unbelievable or unusual, take some extra time to research the the situation. Then reach out to our expert team if you need help disputing a situation and saving your bottom line.