GIACT Publishes Report Detailing the Increase in Insurance Claims Fraud and Latest Fraud Prevention Tactics

By a News Reporter-Staff News Editor at Insurance Weekly News -- GIACT Systems® - the leader in helping companies positively identify and authenticate customers - issued a white paper, Beating Fraud, Beating Friction: How Insurers Slash Costs and Delight Policyholders with Payment Innovation, discussing how insurers can protect against fraud. The white paper explores the growth of claims fraud as well as the risks and opportunities associated with insurers' payment processes.

Fraud accounts for 5-10% of all claims-related costs in the U.S., with approximately one-third of insurers reporting percentages as high as 20%. Domestic P&Cs alone are suffering about $30 billion in fraud losses annually1. While these losses have an immediate impact on insurers' profitability, policyholders ultimately pay the price in the form of higher premiums and deteriorating policyholder experience.

Keywords for this news article include: Giact, Legal Issues.

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