6 Insurance Fraud Statistics Your Institution Should Know About
- There is at least $80 billion per year of fraudulent claims in the US alone.
- Property-casualty fraudsters scam over $30 billion each year from insurance companies.
- Insurance companies pay out as much as 10% of their claims, annually, to fraudsters.
- 10% of small-business-owners worry about employees faking work-related injuries.
- Over $40 billion a year in fraudulent claims is paid for all non-health insurances.
- 95% of insurance companies use anti-fraud technology. Few use the technology that can detect and prevent these frauds before they occur.
In order to mitigate these fraud schemes, insurance companies should implement the latest cutting-edge artificial intelligence tools. Fraud happens in real-time. Fraud departments need real-time anti-fraud tools that can not only detect fraud as it’s happening, but can actually predict where and when new frauds may occur.
Source: https://fortunly.com/statistics/insurance-fraud-statistics#gref
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Our enterprise-level advanced AI solutions are scalable, simple to use and designed specifically for the health insurance industry. The ToolCASE Ai machine learning technology helps stop losses at your organization, saving potentially tens-of-millions in fraudulent payouts.
