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Will the cost-of-living crisis lead to more insurance fraud?

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Will the cost-of-living crisis lead to more insurance fraud?

A recent survey by Insurance Post in association with LexisNexis Risk Solutions found that 98.1% of respondents believe the current economic conditions in 2022 will impact organised and opportunistic fraud volumes. The research also found that 79% of respondents had seen a rise in opportunistic claims fraud, ranking it as one of the most challenging types of fraud identified as it follows no discernible pattern.

This content sheds light on the key survey findings and how the escalating cost-of-living crisis is impacting the insurance fraud landscape.

Topics covered include:
• How will current economic conditions impact organised/opportunistic insurance fraud volumes?
• What fraud typologies are counter-fraud teams seeing the biggest increases in currently?
• Which areas of the underwriting/claims/investigation process are existing technologies most effective?
• What societal and technological changes are most concerning from an insurance fraud perspective?
• Is social media a source of fraudulent activity?
• The importance of data sharing.
• Educating consumers.

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