Denver, Colorado - August 13, 2013
A new infographic developed
by Bankrate Insurance, InsuranceAgents.com, and InsuranceQuotes.com calls
attention to the estimated $80 billion insurance fraud occurring across the
country on an annual basis. Money and time spent uncovering fraud has yielded
research results that are driving companies to help report and reduce fraud
throughout the insurance industry.
“Insurance fraud is a problem that impacts everyone equally from
the student with renters insurance up to life insurance buyers and large group
health insurance policy holders.” surmises Justin R. Brown, Marketing Manager
for Bankrate Insurance. “Many people think that it’s strictly a problem resulting
from underhanded consumer behavior, but since it’s a money making scheme, the
system is tested from all angles.”
Insurance fraud isn’t limited to just one industry, either. Staged
accidents with fake injuries plague the auto insurance, long term care
insurance, and workman’s compensation markets. In comparison, fraudulent thefts
or loss of property drive up the premiums for home and business insurance, and
disappearances or fake deaths lead life insurance companies to release beneficiary
payments that may not be due.
The Rand Institute for Civil Justice estimates that 1/3 of
individuals exaggerate auto insurance claims, in contrast, the Coalition of
Insurance Fraud notes that 2 in 5 people don’t feel it’s a punishable crime.
Insurers have had success uncovering the volumes of fraud
happening in the United States through a variety of methods, including the use
of private investigators, special investigative units, and the use of
suspicious loss indicators among others. These efforts led fraud bureaus to
order $346 million in restitution during the year 2010 alone. In addition, 42
states have commissioned state specific fraud departments to uncover and target
fraudulent insurance claims to tackle what looks on the surface to be the
second largest economic crime in America behind tax evasion.
InsuranceAgents.com is part of Bankrate Insurance, a premier online
insurance lead provider offering first-rate auto, home, health, life, business,
renters, and long-term care insurance leads. Our expertise in insurance lead
generation spans over 30 years and includes the renowned NetQuote, InsureMe,
and AgentInsider brands. To find out more, please visit http://blog.insuranceagents.com/our-company
.View the infographic here.
Justin R. Brown
Marketing Content Manager