More than half of insurers (57 percent) expect to see an increase in fraud losses this year on personal insurance lines, according to a survey of U.S. and Canadian insurers by FICO, an analytics, credit scoring and decision making services company. One in three said when it comes to premium leakage and new applications, they are not adequately protected against fraud; 5 percent said they expect to see a decline in dollar fraud losses on personal lines.
When asked about how to fight the rise in fraud, the greatest portion of respondents (20 percent) cited predictive analytics. Insurers also noted anti-fraud teams for specific books of business (17 percent), link analysis for detecting fraud (8 percent), and business rules for stopping known fraud types (7 percent) as viable approaches for fighting fraud.
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