BOCA RATON--The LexisNexis RiskWise Rate Evasion Evaluation service helps insurance providers prevent application and premium fraud using sophisticated models powered by public records data.
Industry studies have shown that the estimated annual cost of insurance fraud is between $85 billion and $120 billion. In 2002, industry studies have shown that nearly $14 billion was lost to auto insurers through rate evasion. This number has been compared to equaling approximately 10% of personal auto insurance premium revenues industry-wide.
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