The annual cost of insurance fraud in the USA is an estimated minimum of $80 billion. The FBI says that health care fraud is an estimated 3% to 10% of total healthcare expenditure in the USA. The insurance sectors that are perceived to be the most vulnerable to fraud are personal property, auto-insurance, and healthcare. In that context, the following infographic explores the insurance fraud and its consequences.
According to the Institute of Medicine says that the US healthcare system wastes $75 billion a year on fraud. One prediction states that 69% of insurers predict a rise in workers compensation scams.
Another useful feature of the infographic is the illustration of public attitudes to insurance fraud. Only 1 in 5 people who say they know about a fraud, report the crime. More than 1 in 2 people think it is more likely that an insurer’s poor service will cause a person to commit insurance fraud. You can read more about the types of insurance fraud as well as anti-fraud technology in the insurance industry.
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