November 14, 2022

Insurance fraud isn’t new, but the industry must always find fresh ways to stop it before money, time and resources are lost, according to an article published in the November / December issue of Risk & Insurance.

“There’s always going to be fraud,” said Clayton Matthews, claims director at Oakbridge. “The end goal is always to deceive in order to try to gain something, be it monetary or otherwise. Sometimes, people might not even know they are committing the fraud.”

“Maybe, for reasons unknown, they chose not to report the number of employees on their payroll,” he offered as an example.

Matthews went on to say detecting fraud can start with old-fashioned intelligence.

“Just talking to people on the phone. You can pick out so much of what people are saying by asking the right questions. If we’re asking the right questions up front, we’re not eliminating the fraud, but we are making it very difficult for bad actors to create the mayhem that they do,” he said.

Read full article here.

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