FRISS, a world leading provider of trust automation solutions for P&C insurers, is thrilled to announce the release of its comprehensive survey on the global landscape of insurance fraud. The report, titled “Fraud Insights 2024: Emerging Trends, Threats, and Risks to the Global Insurance Industry,” focuses on emerging risks and innovative solutions within the risk and insurance ecosystem.

The insurance industry is changing rapidly, and with change comes new risks and potential opportunities for fraud. The FRISS study analyzes the dynamics of insurance fraud on a global scale while providing valuable insights to stakeholders and decision-makers.

The study looks at the latest technologies and tools used by insurance professionals to help detect and prevent fraud across the insurance landscape, including software platforms and data analytics to help identify fraud earlier in the process. Regional variations in fraud patterns and defenses are highlighted, showing the diversity of ways insurance professionals view fraud and their role in fighting it.

Key Findings: 

• 30% of respondents do not have a fraud detection and prevention platform in place.
• The biggest challenge in responding effectively to fraud is internal data quality (61%), followed closely by access to external data (53%).
• Another 40% of respondents noted data privacy and protection was a challenge in the fight against fraud.

The most common and unique fraud scenarios are both listed; from the more mundane claim exaggerations and misrepresentations, to the more esoteric attempted murders, amputations, severed body parts, false identities, and more.

In his introduction to the report, Shane Riedman, VP and General Manager, Anti-Fraud Analytics at Verisk, says:

“Insurers are deploying new methods to detect and prevent fraud while still using many traditional investigative measures. But impressions on fraud detection are changing as technology keeps pace and new tools and solutions are introduced. Changing risks means insurers must change as well. Solutions that can drive results when it comes to predicting and preventing fraud are crucial.”

“We are proud that insurance professionals across the globe again added their input to our survey. In return, the fifth edition of this report is showing the views and proactive efforts being taken around the world to detect and prevent fraud”, says Ruud van Gerwen, Head of Global Marketing at FRISS. “We’re always committed to learning more about global trends and regional attitudes. Through a better understanding of the complexities of fraud in the insurance industry, we can better empower insurers with the insights and tools they need to continue combatting fraud while protecting their trustworthy policyholders and society.”

The full report, “Fraud Insights 2024: Emerging Trends, Threats, and Risks to the Global Insurance Industry,” is available to view on the FRISS website: Insurance Fraud Insights 2024 

About FRISS

What would your processes look like if you could instantly trust your customers? Knowing when to trust keeps you in control of your processes – automating as much as possible. FRISS is the leading provider of Trust Automation Solutions for P&C insurers. Its real-time, data-driven scores and insights give instant confidence and understanding of the inherent risks of all customers and interactions.

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

Because speed and convenience have altogether redefined what it means to serve consumers, it is time to start building the relationships your customers demand and deserve.

For more information, please reach out to FRISS.