For insurers, inaccurate claim reserves can lead to staggering loss ratios and insolvency concerns. With funds being allocated to these reserves before there is any report of a potential loss, the margin for error can be catastrophic. According to McKinsey, there was approximately a $30…
Read More Quantifying potential risks in future customers, clients, policies, and premiums can oftentimes feel like a gamble for financial service and insurance companies. In 2021 the insurance industry experienced a $3.8 billion net underwriting loss in property and casualty claims alone, and an 11% increase in…
Read More In July of 2022, the Department of Justice announced criminal charges related to "ghost patients" for more than $1.2 billion in alleged fraudulent telemedicine, cardiovascular and cancer genetic testing, and durable medical equipment schemes. Additionally, the Centers for Medicare & Medicaid Services, and Center for…
Read More Roughly 2.3 million Americans are victims of medical identity theft per year and have to pay an average of $13,450 in out-of-pocket expenses–two-thirds of those patients reported paying over 13,500. Medical identity theft is estimated to cost the healthcare industry over $30 billion a year.…
Read More According to the California Department of Insurance, the Fraud Division received 15,112 suspected fraudulent claims (SFCs), assigned 532 new cases, made 201 arrests, and referred 317 cases to prosecuting authorities from 2020 to 2021. The potential loss amounted to $215,383,939. However, auto insurance fraud is…
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