For most insurers, there's a natural inclination to settle claims swiftly, particularly to satisfy customers who might take their business elsewhere. But as insurers improve claims processing time, ironically, many are paying a high price.To their chagrin, efficiencies surrounding claims settlement can actually produce negative results. Ultimately, many carriers find themselves dispersing dollars that shouldn't have been paid in the first place, due to claims fraud.
Insurance fraud is increasing more each year, with the abuse particularly impacting health, workers' compensation and auto insurance lines. Fraud ranges from sophisticated crime rings involving multiple parties to cases where individuals or medical health providers act alone to abuse the system.
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