Fraud is just one of the major problems companies face on a regular basis. Insurance fraud refers to any instance in which a claimant tries to obtain a benefit or advantage they aren’t entitled to, which typically leads to monetary payment. From false worker’s compensation claims to staged accidents and more, insurance fraud is not at all a victimless crime, impacting thousands of small businesses and individuals alike.
Luckily, there are steps that can be taken to ensure your clients don’t fall victim to a suspicious claim — by either an individual or an insurance company. Learn how private insurance investigators can help assist your law firm and clients by investigating false claims.
Insurance Fraud Statistics
According to the Coalition Against Insurance Fraud, insurance fraud steals approximately $80 billion each year from American consumers, and Medicare fraud can cost nearly $60 billion a year. According to the FBI, insurance fraud can drastically increase premiums for American families, increasing their yearly premium spend by $400-$700. Unfortunately, this type of fraud continues to be prevalent. In fact, according to U.S. insurance statistics, it’s estimated that 18 percent of all insurance claims indicated some level of fraud.
Types of Insurance Fraud
There are a number of different types of insurance fraud, and many different behaviors that could qualify as fraudulent. Below is a list of insurance fraud that is most commonly committed, according to Attorneygeneral.gov. These types of fraud can typically be classified into the following categories: auto, life and disability, homeowner, agency/industry, health insurance fraud and worker’s compensation.
How Insurance Investigators Detect Fraud
Private investigators are an excellent resources for law firms looking to obtain proper evidence in a possible fraud case. Learn more about the different methods in which insurance investigators detect and prove instances of fraud.
Work with a Private Investigation Company
Do you suspect your client has fallen victim to fraudulent claims? We can help. InQuest Solutions offers over 20 years of experience stopping fraud in its tracks. We are committed to customer satisfaction, outstanding customer service and excellence, serving the insurance, government, legal and business communities. InQuest is well-versed in servicing the insurance industry, and we’ve established ourselves as a leader due to our attention to detail and responsiveness.
At InQuest, we are aware of the pressure and time constraints within the claims industry, which is why we prioritize delivering information our clients need on time and within budget to help our clients — and theirs — mitigate fraud. With 24 hour access to our secure case management system, you can receive updates, reports, documents and video to assist you with your insurance investigation. We specialize in physical surveillance and activity checks, social media and online mining, medical, gym and pharmacy canvassing, background investigations, special investigation unit services, and fraud and theft investigations. We can help bring you bring a suspect to justice.