The quiet catastrophe of insurance fraud is gaining more attention as insurance executives continue to look to operational efficiencies-rather than investment income-to protect their bottom lines.With the Coalition Against Insurance Fraud (CAIF) estimating an annual fraud cost of $80 billion dollars, the industry has realized that the harmless fudging of a million here and a million there is adding up to real money.
The temptation of the Internet-and the new fraud opportunities it presents-adds to this worsening problem. Underscoring the nature of the battle to fight fraud, a recent Accenture survey gauged that nearly one in four U.S. adults believe that overstating the value of claims is acceptable.
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