Globalization of Insurance Fraud Study

A report prepared by the Coalition Against Insurance Fraud

This report highlights the dramatic rise of insurance fraud that is happening on a global scale and shows that over 55% of organizations are unprepared

 

 

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The Globalization of Insurance Fraud Study

How ready is your organization to avoid the damage caused by global insurance fraud? In the Globalization of Insurance Fraud Study, by The Coalition Against Insurance Fraud in partnership with IBM and Luxoft, we get at the key facts and what they mean for insurers.

 

The study surveyed financial crimes experts, data security analysts, government regulators, insurance professionals and others to better understand how anti-fraud experts from around the world are dealing with international fraud rings. Fraud fighters — professionals tasked with investigating and prosecuting insurance fraud — in North America were found to be the least prepared for threats from abroad. The study surveyed fraud fighters in 33 countries across North America, the Middle East, Europe, Asia and Africa.

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Key study findings

Globalized fraud is not a current priority for most

 

Generally, insurance fraud investigation does not cover global insurance fraud. Only 14.9% of insurers surveyed rated globalized insurance fraud as high priority.

Recent attacks make the threat of global insurance fraud hard to ignore

 

48.5% of respondents say they are either “very concerned” or “extremely concerned” about the future threat of global insurance fraud.

There’s a lack of confidence in the tools, resources and knowledge organizations have in place to combat globalized insurance fraud

 

Only 21.2% of those responding were “very confident” their organizations are equipped to address global fraud.

Most organizations are not prepared to fight fraud on a global scale

 

Delving deeper, 56.8% have no dedicated resources or specialist globalized fraud department.