Insurance Fraud Insights

Emerging Trends, Threats, and Risks to the Global Insurance Industry in 2024.

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Insurance fraud costs the US $308.6 billion dollars every year through higher premiums and elevated medical and legal costs. Broken down further, the FBI estimates P&C insurance fraud to be around $40 billion annually. It is estimated that the cost of casualty fraud adds another $6.8 to $9.3 billion to auto casualty losses every year. For Workers’ Compensation, claim and premium fraud is estimated at $34 billion annually.  

Following these numbers, it comes as no surprise that managing fraud within the insurance industry continues to be a global priority for stakeholders in the insurance industry. Insurance costs have been on the rise in recent years due to many different macroeconomic factors — and fraud only adds to the costs. Insurers must do all they can to mitigate and manage fraud in the insurance business. 

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Sponsored by ITL Partner: FRISS

ITL Partner: FRISS

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ITL Partner: FRISS

FRISS is the leading provider of Trust Automation for P&C insurers. Real-time, data-driven scores and insights prevent fraud and give instant confidence and understanding of the inherent risks of all customers and interactions.   

Based on next generation technology, the Trust Automation Platform allows you to confidently manage trust throughout the insurance value chain – from the first quote all the way through claims and investigations when needed.   

Thanks to FRISS, trust is normalized throughout the organization, enabling consistent processes to flag high risks in real time.


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